The Philippine peso slumped to a fresh record low Thursday, extending its slide as investors sought refuge in the dollar amid persistent global uncertainties.
The currency closed at 61.64 per dollar, down 26 centavos from Wednesday’s finish, according to data from the Bankers Association of the Philippines.
That breached the previous all-time low of 61.567 set in April. The peso opened at 61.35 before weakening to an intraday low of 61.66, its weakest level on record.
Traders pointed to elevated US interest rates, firm crude oil prices and lingering geopolitical risks as drivers of safe-haven demand.
Domestic political developments, including reports involving Sen. Ronald “Bato” dela Rosa and impeachment proceedings against Vice President Sara Duterte, added to caution in local markets.
Turnover slipped to $1.58 billion from $1.80 billion the prior day, though dealers expect volatility to remain high as investors parse upcoming US economic data and rate expectations.
Despite the peso’s weakness, market participants said trading has remained orderly, with the Bangko Sentral ng Pilipinas seen capable of stepping in to smooth excessive swings if needed.
