MANILA, Philippines — The Philippine peso plunged to a fresh record low of P62.25 against the US dollar in early trading Friday, breaching the previous record set just a day earlier.
Bankers Association of the Philippines data showed the peso opened at P62.05, already weaker than Thursday’s P61.71 opening, before touching a high of P62.25.
The latest intraday low for the peso surpassed Thursday’s record closing low of P61.888. The previous record before Thursday was P61.847, recorded on July 24.
The peso’s renewed weakness came a day after the Bangko Sentral ng Pilipinas raised its benchmark interest rate by 25 basis points to 5 percent, citing persistent inflation risks, including the possible impact of a severe El Niño and potential minimum wage adjustments.
