Peso falls to new low of P59.22 vs $1

THE PESO sank to a new all-time low on Tuesday to join most regional currencies’ decline against the US dollar on cautiousness before the US Federal Reserve's policy meeting, with bets on a rate cut by the Bangko Sentral ng Pilipinas (BSP) also affecting sentiment.

- Aaron Michael C. Sy

The local unit slid by 28.5 centavos to close at P59.22 versus the greenback from its P58.935 finish on Friday, Bankers Association of the Philippines data showed.

This was a fresh low for the peso, beating the previous record of P59.17 logged on Nov. 12.

Year to date, the local currency has depreciated by P1.375 or 2.32% from its P57.845 finish on Dec. 27, 2024.

The peso opened Tuesday's session weaker at P59.08 versus the dollar. Its intraday best was at P59.07, while its worst showing was its closing level of P59.22 against the greenback.

Dollars traded went down to $1.097 billion on Tuesday from $1.423 billion on Friday.

The peso dropped along with its regional peers as the dollar was stronger overnight on higher US Treasury yields as markets await the Fed’s policy decision, the first trader said in a Viber message.