Peso carves new all-time low vs dollar at P61.721:$1

The Philippine peso weakened against the dollar for the second straight trading day to close at a fresh all-time low, dragged by inflationary concerns as global crude prices surged.

The local currency shed 8.1 centavos to close at P61.721:$1 from Thursday’s finish of P61.64:$1, the previous all-time low. Prior to Thursday’s finish, the peso’s weakest showing was recorded on April 29, 2026 when it closed at P61.567:$1.

“The peso weakened to P61.721 as Brent crude surged past $107 per barrel, amplifying pressures from mounting signs of rising inflation,” Reyes Tacandong & Co. senior adviser Jonathan Ravelas said in a mobile message.

Brent crude futures were at $106.5 a barrel in London, while US West Texas Intermediate futures were at $101.33 per barrel, both roughly 50% up since the Iran war erupted in February, amid a high-stakes summit between US President Donald Trump and China’s Xi Jinping, Reuters reported.

Moving forward, Ravelas said the peso could test the P62:$1 level should Brent oil prices climb above $120 per barrel.

The local equities market also closed on the red, as the Philippine Stock Exchange index (PSEi) shed 38.26 points or 0.64% to close at 5,976.77. The broader All Shares lost 22.16 points or 0.65% to 3,371.41.

“The local bourse ended lower as investors reacted to the Philippine peso’s continued depreciation against the US dollar, dampening overall market sentiment,” Regina Capital Development Corp. head of sales Luis Limlingan said in a separate message.

“The weakness of the local currency triggered profit-taking activities following the market’s gains in the previous session,” he added.

More than 591.040 million shares, valued at P6.288 billion, changed hands. Decliners led advancers, 103 to 77, while 66 issues were unchanged.—AOL, GMA News