Peso Hits New Low at P62.605 as Middle East Worries Bite

The Philippine peso reached an all-time low against the US dollar during intraday trading on Wednesday. The local currency hit an intraday low of P62.605:$, surpassing its previous record low of P62.4:$1 set just a day earlier. The peso had opened flat at P62.4:$1.

The decline is attributed to lingering Middle East worries and hawkish signals from the US Federal Reserve. As a result, the Philippine central bank has been managing sharp movements in the peso-dollar exchange rate, noting its potential impact on inflation.