By el Amigo
MANILA, Philippines — The Philippine peso extended its losing streak on Friday, dropping to its weakest level on record as sustained strength in the US dollar pushed the local currency beyond the ₱62-per-dollar threshold.
The peso ended the session at ₱62.265 per dollar, down 37.7 centavos from the previous close of ₱61.888, which had itself marked a record low, Bankers Association of the Philippines figures showed.
During the day’s trading, the peso opened at ₱62.05 and continued to lose ground, eventually touching an intraday low of ₱62.27.
Dollar trading also increased, with total volume nearing $2 billion from roughly $1.8 billion in the preceding session.
Market participants were also digesting the latest decision of the Bangko Sentral ng Pilipinas, which raised its key policy rate by 25 basis points to 5 percent.
The BSP said the latest increase was a preemptive response to potential risks that could affect the country’s inflation outlook.
Despite the higher interest rate, the peso remained under heavy pressure, reflecting the broader strength of the US dollar and the continuing challenges facing the Philippine currency.
ia/xf
