Cratering peso sinks to record-low 59 to a dollar

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The Philippine peso on Thursday sank to a record-low level of 59 to a dollar, revisiting a territory last seen over two years ago, as a strong dollar following the US presidential elections continued its rampage across other currencies.

The peso lost 9 centavos from its previous-day finish, matching the level it last touched on Oct. 17, 2022.

READ: Peso sinks to 58.9 per $1, lowest in over 2 years

Meanwhile, a total of $842.68 million worth of funds were traded today.

Some analysts have suggested that a rate-cutting pause by the Bangko Sentral ng Pilipinas is possible should the peso remain under pressure.