Peso opens at P62.05 vs dollar after record-low close
MANILA, Philippines — The Philippine peso opened at P62.05 against the US dollar on Friday, August 28, after ending the previous trading session at a fresh record low.
The local currency closed at P61.888 to $1 on Thursday, 23.80 centavos weaker than Wednesday's P61.650 finish, according to data from the Bankers Association of the Philippines.
Thursday's close surpassed the previous record low of P61.847 set on July 24.
The peso's decline comes as investors weigh domestic inflation risks and await fresh signals on the path of US interest rates.
The peso could remain weak as investors turn their attention to incoming US monetary policy signals, with a trader saying the currency could trade between P61.75 and P62 per dollar in the near term.
The peso also came under pressure after the Bangko Sentral ng Pilipinas raised its inflation outlook for 2027 due to risks from the anticipated El Niño phenomenon and wage increases.
A weaker peso could make imported commodities, including oil, more expensive and add to inflationary pressures.
A stronger US dollar may meanwhile benefit families of overseas Filipino workers, who receive more pesos for every dollar sent home.
Higher prices, however, could also erode the purchasing power of their remittances. — with a report from The STAR / Keisha Ta-Asan
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