The Philippine peso tumbled to a fresh record on Tuesday, sliding past 61 per dollar as surging U.S. Treasury yields and a swelling oil import bill outpaced the central bank’s efforts to shore up the currency.
The peso weakened 1% to close at 61.30 per dollar, breaching its previous low of 60.71, according to data from the Bankers Association of the Philippines. It opened at 60.80 and touched an intraday low of 61.30, underscoring the pressure on emerging‑market currencies.
The decline comes despite recent interest‑rate hikes by the Bangko Sentral ng Pilipinas.
Traders say the move highlights the dominance of “higher‑for‑longer” U.S. rates and a global retreat from risk assets.
Domestically, importers are front‑loading dollar purchases as elevated energy prices widen the nation’s trade deficit, adding to the peso’s slide.
