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Peso Hits New Record Low Amid Inflation Fears
The Philippine peso hit a new record low against the US dollar, closing at 62.68 on Friday. Persistent inflation concerns and the prolonged Middle East conflict are bolstering the greenback, increasing market uncertainty.
MANILA, Philippines — The Philippine peso fell to a fresh record low, extending its decline into the 62-per-dollar territory as persistent inflation concerns and a prolonged conflict in the Middle East supported the greenback. The currency weakened 14.5 centavos to close at 62.68 per dollar Friday, according to the Bankers Association of the Philippines. READ: Shaky peso wobbles to new record low The previous record close of 62.625 was set on Sept. 8. The peso touched an intraday low of 62.775 before reducing losses. Trading volume eased to $1.1 billion from $1.2 billion in the previous session. /pai
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