MANILA, Philippines — The Philippine peso sank to an all-time low on Tuesday, breaching the 61-per-dollar mark for the first time in intraday trading.
In the morning session, the local currency touched 60.97 against the greenback, before sliding further to 61.08 in the afternoon — a fresh record trough.
Traders attributed the weakness to a hawkish US Federal Reserve, which has buoyed the dollar against emerging-market currencies.
The peso's decline came amid global risk aversion and persistent dollar demand, reflecting the impact of US monetary tightening on the Philippine economy.