Peso dips vs. US dollar on October inflation worries

The Philippine peso weakened against the US dollar on Wednesday as expectation of further acceleration in October’s inflation rate weighed on the local unit.

The local currency shed 6.5 centavos to close at P63.535:$1, from Tuesday’s finish of P63.47:$1.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso’s weakness came “a day before the latest local inflation data for the month of October 2026 on November 5, 2026, [which] could be faster versus 7.2% in September 2026.”

The Bangko Sentral ng Pilipinas (BSP) is expecting last month’s inflation print to settle within the 7.1% to 8.1% range, driven by higher prices of fuel, electricity, and transport fares.

The peso recently rebounded to P63-to-one dollar level, after breaching P64:$1 last week, after President Ferdinand Marcos Jr. sought to allay concerns amid the local currency’s weakness to fresh record lows against the US dollar.

“The US dollar/peso still largely relieved by signals of reassurance on the peso exchange rate by President Marcos since October 28, 2026,” Ricafort said. — BM, GMA News

Follow facebook.com/gmanewsonline for real-time news and developments in the Philippines and around the world.