Peso opens at P62.05 vs dollar after record-low close
The Philippine peso has hit a new record low against the US dollar, opening at P62.05 amid investor concerns over domestic inflation and US monetary policy. The central bank has raised its inflation outlook, citing risks from the El Niño phenomenon and potential wage increases.
Why it matters
Currency devaluation and rising inflation directly impact the cost of living and purchasing power for citizens, particularly those reliant on imported goods.
MANILA, Philippines - The Philippine peso opened at P62.05 against the US dollar on Friday, August 28, after ending the previous trading session at a fresh record low.
The local currency closed at P61.888 to $1 on Thursday, 23.80 centavos weaker than Wednesday's P61.650 finish, according to data from the Bankers Association of the Philippines.
Thursday's close surpassed the previous record low of P61.847 set on July 24.
The peso's decline comes as investors weigh domestic inflation risks and await fresh signals on the path of US interest rates.
The peso could remain weak as investors turn their attention to incoming US monetary policy signals, with a trader saying the currency could trade between P61.75 and P62 per dollar in the near term.
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