Peso falls to new record low, nears P62: $1

August 20 ------ The Philippine peso closed weaker against the US dollar on Wednesday after diving to a new record low near the P62: $1 level in intraday trading, as volatile global fuel prices amid renewed tensions in the Middle East drove up demand for the greenback.

The local currency shed 3 centavos to close at P61.815: $1, from P61.785: $1 on Tuesday. During intraday trading, the peso nearly touched the ₱62: $1 level, hitting P61.995: $1 after opening at P61.85: $1. The opening rate already surpassed the previous record low of P61.847: $1 recorded on July 24.

The peso's weakness also extended to the Philippine stock market, with the benchmark PSEi shedding 106.36 points, or 1.70%, to close at 6,158.34.

The broader All Shares index also declined by 44.47 points, or 1.29%, to 3,396.35. All sectoral indices—financials, industrial, holding firms, services, mining and oil, and property—also closed in the red.

Over 843.7 million shares valued at P5.8 billion changed hands. Decliners led advancers, 119 to 74, while 54 issues were unchanged.

Source: gmanetwork.com