Peso stays at weakest level at P61.75:$1

The Philippine peso remained at its worst showing against the US dollar on Thursday, still dragged by renewed global crude prices volatility amid tensions between in the United States and Iran.

The local currency closed at P61.75:$1, the same level as Wednesday’s finish, matching the record low last seen in May.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso’s was unchanged and again closed at its weakest “after global crude oil prices posted new 1.5-month highs or since June 8, 2026, after Houthis targeted two Saudi Arabian tankers in the Red Sea, thereby could escalate the Middle East conflict and could lead to bigger global oil supply disruptions.”

Ricafort said offsetting factor for the peso could come from the Bangko Sentral ng Pilipinas’ caution to banks against using foreign exchange derivatives transactions to profit from currency volatility as well as recent signals from Malacañang that the BSP remains the primary institution mandated to stabilize the peso and manage excessive volatility in the foreign exchange market.

The peso opened at P61.74:$1 and reached an intraday low of P61.75:$1 and a high of P61.72:$1. — BM, GMA News