Peso hits all-time low of ₱61.847 per US dollar
The Philippine peso hit a record low of 61.847 against the US dollar on Friday, driven by global energy costs and geopolitical tensions. Economists warn that the currency could face further pressure if oil prices continue to rise, prompting government concerns over energy security.
Why it matters
Currency devaluation impacts inflation and the cost of living, making it a critical economic indicator for the nation's financial stability.
Manila Bulletin - Peso hits all-time low of ₱61.847 per US dollar
Peso hits all-time low of ₱61.847 per US dollar
The peso sank to a fresh record low against the United States (US) dollar on Friday, weighed down by escalating import burdens, global energy cost pressures, and persistent demand for foreign currency. The local currency closed at ₱61.847 per US dollar on July 24, according to official data from the Bankers Association of the Philippines spot market. The settlement surpasses the previous record low of ₱61.75 set during the prior session on July 23.
Spot market trading opened at ₱61.80 and touched an intraday high of ₱61.85 before settling near its trough. T otal market turnover contracted sharply to $969.38 million on Friday from $1.153 billion recorded in the preceding session.
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