The Philippine peso weakened to a historic low of ₱64 per U.S. dollar during intraday trading Tuesday, Oct. 27, according to data from the Bankers Association of the Philippines.
The exchange rate opened at ₱63.95 per dollar before reaching the ₱64 level during morning trading. However, the figure was not yet the official closing rate for the day.
The peso’s latest decline followed another record-low close on Monday, when it finished at ₱63.95 per dollar. That was 33.5 centavos weaker than Friday’s closing rate of ₱63.615.
Monday’s result marked the third consecutive trading day that the peso recorded a new record-low closing rate. The currency closed at ₱63.52 on Oct. 22 and ₱63.615 on Oct. 23.
Compared with the peso’s closing rate of ₱62.775 on Oct. 1, the currency had weakened by ₱1.225 against the dollar after reaching the ₱64 intraday level Tuesday.
The latest movement highlights the peso’s continued decline against the U.S. currency throughout the period covered by the reported exchange rates.
The official closing rate for Tuesday was expected to be released at around 4 p.m., which would determine whether the peso would register a fourth consecutive trading day with a new record-low close.
Until that rate is released, the ₱64 figure remains an intraday level rather than the official closing exchange rate.
The Bankers Association of the Philippines data provided the basis for the reported intraday rate, while the final closing figure would establish whether another daily record had been set.
