The Philippine peso weakened below the 62-per-dollar level to hit a new record low on Friday morning, as investors weighed the central bank’s latest rate hike decision.
The local currency opened the session at 62.05 per dollar before touching an intraday low of 62.25.
This surpassed the previous all-time low level of 61.995 recorded on Aug. 19.
The slump happened after the Bangko Sentral ng Pilipinas delivered another quarter-point hike that brought the policy rate to 5 percent. The central bank said the latest tightening action was a ‘preemptive’ move against emerging risks to the inflation outlook.
On Thursday, the Philippine peso dropped 23.8 centavos to a record closing low of 61.888 per dollar.
The currency surpassed its previous record closing low of 61.847 set on July 24. It touched an intraday low of 61.89 before paring losses.