Peso Sinks to New Record Low vs Strong Dollar Amid Inflation Fears

The Philippine peso hit a new record low against the US dollar on Friday, closing at 62.68 per dollar after losing 14.5 centavos from its previous close.

This surpasses the previous all-time low of 62.625 set just three days ago on September 8, according to data from the Bankers Association of the Philippines.

The dollar remained strong in Asian trading on Friday due to concerns over disruptions to energy supplies in the Middle East and anticipation of US inflation data.

A trader noted that 'the local currency might remain challenged from dollar strength ahead of [Friday night's] potentially strong US consumer inflation report and growing consensus that the Fed might consider a US policy rate hike in its meeting next week.'