The Philippine peso slipped to a new record low on Monday, reflecting continued pressure on the local currency amid stronger global demand for the US dollar.
The peso closed at 61.75 against the US dollar, weakening by 2.9 centavos and matching its intraday low, according to data from the Bankers Association of the Philippines.
The latest figure also broke the previous record low of 61.721 recorded in the prior trading session.
The depreciation comes as markets factor in expectations of tighter monetary policy from major central banks, which has strengthened the US dollar globally.
“The peso reached a new record today as market participants anticipate a clearer indication from the hawkish dissenters from this week’s release of the April Federal Open Market Committee meeting,” a trader said.
Another market participant said the local currency may continue trading near record-low levels, with possible intervention expected around the 62-per-dollar threshold.
Trading volume also eased to $1 billion from $1.2 billion in the previous session, signaling thinner activity in the foreign exchange market.
