Peso falls to new record low vs. dollar at P61.62:$1 on intraday trading

The Philippine peso touched another historic low against the greenback during the intraday trading on Wednesday, on continued hedging activities by importers which require more US dollars.

The local currency hit an intraday low of P61.62:$1, so far shedding 32 centavos of its value from the record-low of P61.30:$1 on Tuesday’s close, after opening at P61.2:$1.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso’s continued weakness was due to continuous “hedging activities by importers, investors, and others with requirements for US dollars after breaching above P61-to-one dollar yesterday, as a matter of prudence.”

Ricafort also cited the “lack of progress on negotiations between the US and Iran for more than two weeks already.”

“The breach above P61:$1-mark since yesterday (April 28, 2026) was largely triggered by some hedging activities on the country’s oil imports and the importation of other products; in view of the State of National Energy Emergency since March 24, 2026 or for more than a month already to further increase the country’s fuel inventories as a matter of prudence amid the continued closure of the Strait of Hormuz since the war on Iran started on February 28, 2026,” the economist added.—AOL, GMA News