MANILA, Philippines — The Philippine peso sank to a fresh record low on Thursday, touching 61.75 against the US dollar, as the greenback strengthened following the Federal Reserve's decision to maintain interest rates. Persistent geopolitical tensions in the Middle East also drove investors toward safe-haven assets, further pressuring the local currency.
The peso's intraday low of 61.75 per dollar surpassed the previous all-time low of 61.67 set just a day earlier, according to data from the Bankers Association of the Philippines.
The Fed's decision to hold rates, combined with ongoing conflicts involving the United States, Israel, and Iran, has fueled demand for the dollar, pushing the peso to unprecedented levels. Analysts warn that further depreciation is possible if global uncertainties persist.