The Philippine peso fell to a new record low and moved closer to the PHP 63 per US dollar level, according to Metrobank Wealth Insights. The bank reported the development on Tuesday, September 15, 202
Coverage of the move put the currency's weakest point in the PHP 62.90 range, with BusinessMirror citing a record low of PHP 62.86. BusinessWorld Online reported that the peso later rebounded after to
Manila Bulletin attributed the pressure on the currency to oil costs and El Niño conditions weighing on the Philippines' external balances. BusinessMirror reported market speculation that the peso cou
The peso's slide comes as it approaches the 63-per-dollar threshold, a level it has not previously reached. The reports did not specify the exact intraday low beyond the PHP 62.86 figure cited by Busi
What to watch next: whether the peso breaks through the PHP 63 mark, and whether oil prices and El Niño conditions continue to strain the country's external accounts in the months ahead.
The peso touched a new all-time low and approached the 63-per-dollar mark, with analysts pointing to oil and El Niño as