Philippine Peso Hits New Record Low of 62.35 to the Dollar
The Philippine peso hit a new record low against the US dollar, trading at 62.35 pesos per dollar. The currency's weakness is attributed to broad US dollar strength and rising oil prices, with the central bank's recent rate hike having a limited impact.
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The Philippine peso hit a new record low against the US dollar, closing at 62.40. Rising US Treasury yields, tighter Federal Reserve policy, and elevated oil prices are primarily driving the dollar's strength. Overseas remittances may offer some support to the peso.