The Philippine peso fell to a new record low against the US dollar on Monday. It closed at 61.75 per dollar amid rising US Treasury yields.
The Philippine peso fell to a new record low against the US dollar on Monday. It closed at 61.75 per dollar amid rising US Treasury yields.
The local currency dropped 2.9 centavos from the previous session. Trading volume eased to 1 billion dollars.
A trader noted that the peso is now trading more on sentiment than valuation. Jonathan Ravelas of Reyes Tacandong and Co. said the greenback strengthened on prospects of rate hikes.
Economists at De La Salle University expect the peso to weaken further toward 63.5 per dollar by August.
