The Philippine peso sank to an all-time low on Tuesday, closing at 61.30 against the US dollar, as the greenback continued to strengthen amid geopolitical tensions in the Middle East.
The peso weakened by 59 centavos from its previous close, breaching the 61-per-dollar level for the first time and surpassing the previous record low of 60.748 set on March 31. The currency also ended at its weakest intraday level of the session, exceeding the prior intraday low of 60.84 recorded on March 30.
Trading volume increased to $1.7 billion from $1.4 billion in the prior session, according to data from the Bankers Association of the Philippines.
The decline comes as the US dollar maintains its bullish momentum, supported by safe-haven demand amid uncertainty over the conflict in the Middle East. Analysts expect continued pressure on the peso as global risk aversion persists.