Peso breaches P64:$ level, new record low

The Philippine peso dived to a new record low, breaching the P64:$ level during the intraday trading on Tuesday.

The local currency opened at P63.95:$1 the same level as the latest historic low seen on Monday’s closing.

It hit an intraday low of P64:$1 and a high of P63.93:$1.

The peso has been plummeting to its historic lows for the 32nd time this year amid the continuing surge in global crude oil prices due to the Middle East war which creates more demand for the greenback.

The dollar was also supported by hawkish signals from the US Federal Reserve. —AOL, GMA News