The Philippine peso opened the new trading week at a fresh record low, breaching the 62.8-per-dollar level as a stronger greenback continued to weigh on the currency.
The peso opened at 62.75 per dollar on Monday before weakening to an intraday low of 62.865 during the morning trade, surpassing the previous record of 62.775 set on Sept. 7.
In addition, the move came as the dollar held steady against major peers, with investors weighing the prospect of interest-rate moves by the US Federal Reserve and Bank of Japan in a pivotal week for global monetary policy.
Last week, the Philippine peso sank deeper into the 62-per-dollar territory, capping the week at a new record low as lingering inflation fears amid a prolonged conflict in the Middle East continued to prop up the greenback.
On Friday, the Bankers Association of the Philippines’ data showed the local currency lost 14.5 centavos from its prior closing to finish at 62.68 versus the dollar, which surpassed the previous all-time low close of 62.625 set on Sept. 8.