THE PHILIPPINE PESO sank to a fresh record low on Thursday, breaching the P60-per-dollar mark and heightening inflation risks from more expensive imports.
The local currency closed at a new record low of P60.10 a dollar — 58 centavos weaker than its Wednesday finish — as markets reacted to Iran’s retaliatory attacks on Israel and US assets in the Middle East.
The peso opened the session sharply weaker at P59.90, which was its intraday best. The peso’s worst showing during the session was P60.40, a record intraday low.
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