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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.
The Philippine peso opened the shortened trading week at a new record low against the US dollar, pressured by the broad strength of the greenback. On Tuesday, the peso opened at 62.25 per dollar, subsequently dropping to a low of 62.35, surpassing the previous record of 62.27 set on August 28. Local markets were closed on Monday due to a public holiday. On Friday, the Philippine peso fell to a record low, dropping below 62 per dollar for the first time, as rising oil prices and a stronger US dollar outweighed the effects of the central bank’s recent interest-rate hike. Information Source: Inquirer Business
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Inquirer Business