Peso Hits Record Low Near 62 Per Dollar Amid US Strength

The Philippine peso is trading near its record low against the US dollar, having hovered around 61.7 per greenback in late July.

This comes as the Bangko Sentral ng Pilipinas has maintained limited intervention in the foreign exchange market while indicating only a small chance of further monetary tightening this year.

Central bank Governor Eli Remolona stressed that aggressively defending the peso against a strong US dollar would deplete the country's foreign exchange reserves, leaving authorities concerned about the potential impact on imported inflation.