Philippine peso hits record low above 63 per dollar for the first time — October 15 close at 63.06
📌 On Thursday, October 15, the Philippine peso closed at 63.06 per dollar, marking a record-low close for the first time above 63. The previous record low close was 62.90 on October 8, and on Friday the 16th it fell further to an intraday low of 63.23 in the morning.
■ What's changing
· On the 15th: It opened at 62.83 and moved between 62.75 and 63.15. 63.15 was the intraday record low (Daily Tribune).
· On the 16th: It opened at 63.03 and fell to 63.23 as of 9:49 a.m. (The Manila Times).
· Compared with the February 28 close of 57.66, it has fallen about 8.6% (Daily Tribune).
■ Why it's falling
· Concerns over crude oil supply and import costs grew with the Middle East war, and Brent crude topped $100 per barrel (Daily Tribune).
· Higher-than-expected U.S. inflation strengthened expectations that U.S. interest rates would stay high for longer, and with the Philippines' September inflation rate at 7.2%, the possibility of further rate hikes by the central bank was also raised (Daily Tribune).
· Malacañang Press Officer Claire Castro cited the Middle East conflict, the upcoming El Niño, and political noise as causes (The Manila Times).
■ Tips for residents and travelers
· Anyone converting dollars to pesos will receive more pesos for the same amount. However, since the exchange rate fluctuates significantly, you may consider converting in portions rather than all at once.
· A weaker peso can push up the prices of imported goods and fuel, so those who spend in pesos may face greater cost-of-living pressure.
· Exchange rates differ among money changers, so compare several locations.
■ Sources
Daily Tribune (10/15), The Manila Times (10/16); the 16th's intraday rate from The Manila Times (1 source confirmed)
■ Photos
· 1. Stock photo · U.S. dollar and Philippine peso banknotes — Daily Tribune
· 2. Stock photo · Hands counting dollar and peso banknotes — The Manila Times
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