The Philippine peso closed at 63.06 per US dollar on Thursday, weaker than the previous record low of 62.90 on October 8, marking its 27th record low this year, according to the Bankers Association of the Philippines. It touched 63.15 in early trading. Ruben Asuncion, chief economist at Union Bank of the Philippines, linked the decline to stronger US inflation, which has raised expectations that the Federal Reserve will keep borrowing costs high, boosting the dollar and Treasury yields and dampening appetite for emerging-market currencies. US consumer prices rose 3.7% from a year earlier, above the 3.6% forecast, and investors are betting on another rate hike at the Oct. 27-28 policy meeting.
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- Philippine peso hits fresh record low - Xinhua
The Philippine peso closed at 63.06 per U.S. dollar on Thursday, beating the previous record low of 62.90 set on Oct. 8 and marking its 27th record low this year, according to the Bankers Association of the Philippines. In early trading it weakened to 63.15, surpassing the previous intraday record of 62.925. Ruben Asuncion, chief economist at Union Bank of the Philippines, blamed stronger U.S. inflation: the U.S. CPI rose 0.6% from August and 3.7% from a year earlier, above the 3.6% forecast. This has fueled expectations that the Federal Reserve will keep borrowing costs high, lifting the dollar and Treasury yields and dampening appetite for emerging-market currencies. Investors are betting on another rate hike at the Fed's Oct. 27-28 policy meeting.
- Peso hits record-low 63.06 vs greenback
The Philippine peso closed at a record-low 63.06 per US dollar on Thursday, breaching 63 for the first time as the Middle East war continued to pressure the currency. The peso has weakened about 8.6% from its February 28 close of 57.66, shortly before tensions escalated. Philippine headline inflation accelerated to 7.2% in September, which economists said could prompt further Bangko Sentral ng Pilipinas rate hikes, while Brent crude remained above $100 a barrel. Meanwhile, the PSEi rose 45.94 points, or 0.82%, to 5,663.17 on bargain hunting, and foreign investors were net buyers of P140.50 million.
- Philippine peso sinks past P63 per dollar for first time
The Philippine peso closed at P63.06 per US dollar on Thursday, falling 19 centavos and breaching the P63 level for the first time, with an intraday record low of P63.15. The move followed hot US inflation data that reinforced expectations the Federal Reserve will keep rates higher for longer, alongside high US Treasury yields and elevated crude oil prices. Gross international reserves fell 8.3% to $99.997 billion in the nine months to September, the lowest in three years and the seventh straight monthly annual decline. BSP Governor Eli Remolona said the central bank does not defend the peso at a specific level and intervenes only to smooth inflationary swings, and the BSP has raised its key rate by 75 bps since April to 5%, with its next meeting on Oct. 22. Analysts expect the peso to stay volatile and tilted to the weaker side in the near term.
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