Peso sinks past 64-level vs dollar, hits fresh low

MANILA, Philippines — The Philippine peso on Tuesday, October 27, breached a fresh trading low of P64 against the dollar, the lowest peso value in history thus far.

According to data from the Bankers Association of the Philippines, the peso opened today at P63.93, just two centavos below Monday, October 26's, closing rate of P63.95.

Monday is the fifth consecutive trading day that the peso has collapsed, and the 32nd time this year that the peso closed at a record low.

The Bangko Sentral ng Pilipinas, however, does not currently see a need to defend the peso.

"We have estimates of how much the peso has to move before it becomes inflationary, and that's when we tend to intervene," BSP Governor Benjamin Remolona Jr. said last week.

A weaker peso adds to pressures that affect the general cost of goods, influence inflation, and may increase the peso cost of servicing foreign-currency obligations, including debt to external creditors.

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