Philippine peso hits record intraday low of ₱64.18 per US$1
The currency weakened beyond Tuesday’s record closing rate as global crude oil prices continued to rise amid the Middle East crisis.
The Philippine peso fell to ₱64.18 per US$1 during trading on October 28, setting a fresh record low as global crude oil prices kept rising amid the Middle East crisis.
Trading began at ₱64.08 per US$1, while the peso’s strongest intraday rate was ₱64 per US$1. Its weakest level was below the previous session’s close of ₱64.17 per US$1, which had marked the currency’s 33rd record low.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said peso depreciation could increase the Philippines’ oil import costs. He also warned that it could widen the trade deficit or net imports, the current account deficit and the balance of payments deficit.
