THE PESO broke the P64-per-dollar level for the first time on Tuesday, closing at a new record low as rising global crude oil prices heightened concerns over the Philippine economic outlook, while expectations of a hawkish stance from the US Federal Reserve this week added pressure on the local currency.
The currency shed 22 centavos to end at P64.17 against the greenback from its previous weakest close of P63.95 on Monday, Bankers Association of the Philippines data showed.
This marked the peso’s 38th record low this year and its ninth so far in October.
Tuesday was also the seventh straight trading day that the peso ended at an all-time low.
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