Peso further breaches P64:$1 level

The Philippine peso further breached the 64-to-one dollar level during intraday trading on Wednesday, hitting a new historic low.

The local currency sank to an intraday low of P64.18:$1, weaker than the 33rd record low of P64.17:$1 seen during Tuesday’s closing.

The peso opened at P64.08:$1 and hit an intraday high of P64:$1.

The local unit’s weakness came amid the continuous spike in global crude oil prices due to the Middle East crisis.

A weaker peso could lead to a higher oil import bill for the country, as well as widen the country’s trade deficit/net imports, current account deficit, and balance of payments (BOP) deficit, according to Rizal Commercial Banking Corp. chief economist Michael Ricafort. —AOL, GMA News