Peso Tumbles to New Record Low of 62:$1 on Strong Dollar Demand

The Philippine peso has breached its record low of 62:$1 as it closed at 62.265 against the US dollar on Friday.

This marks a new all-time low for the currency, surpassing its previous record closing of 61.888 set during the prior session.

According to data from the Bankers Association of the Philippines, the peso shed 37.7 centavos in trading volume that rose to nearly $2 billion, up from $1.8 billion in the previous session.

The US dollar has been strong globally due to rising oil prices and a broadly stronger greenback, with traders anticipating potentially hawkish remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium.