The Philippine peso fell to a record low for a fourth straight session on Wednesday, pressured by a strong U.S. dollar, high global interest rates and elevated oil prices.
The peso closed at 62.565 per dollar, down 16.5 centavos from Tuesday’s previous record low of 62.40, Bankers Association of the Philippines data showed.
It weakened as far as 62.69 during the session, also an all-time low, after opening at 62.40 before trimming some losses.
The currency has fallen sharply since breaching the 62-per-dollar level last week, setting record closing lows on Aug. 27, Aug. 28, Sept. 1 and Sept. 2.
High U.S. interest rates have supported the dollar and weighed on emerging-market currencies, while elevated crude prices have added pressure on the Philippines, a major energy importer.
A weaker peso and higher oil prices could add to inflation by raising the local cost of fuel and other dollar-denominated imports.
The currency is expected to remain sensitive to U.S. interest-rate expectations, oil prices and geopolitical developments.
