(UPDATE) MANILA, Philippines — The peso hit a new record low of P60 against the greenback on Thursday amid geopolitical risks and a stronger US dollar.
The local currency weakened by 58 centavos from Wednesday’s P59.52:$1. This is the weakest close since Monday’s P59.87:$1.
“Even with the Fed on hold, the signal remains higher-for-longer, keeping US yields elevated and the dollar firm,” a trader said.
“Combined with high oil prices and geopolitical risks, this continues to pressure the peso, with any recovery likely gradual and dependent on a clearer shift in US policy and softer oil,” the trader added.
The peso opened at P59.9 and traded between P59.9 and P60.4 during the session. Trading volume reached P2.436 billion, higher than the previous P1.777 billion.