MANILA, Oct. 27 (Xinhua) -- The Philippine peso further depreciated on Tuesday, crossing the 64 pesos per U.S. dollar threshold and hitting a record low, according to the Bankers Association of the Philippines.
The local currency closed at 64.17 pesos per U.S. dollar and touched an intraday low of 64.20 pesos per U.S. dollar.
Michael Ricafort, chief economist of Rizal Commercial Banking Corp., said the peso's depreciation is due to the global oil crisis, which is driving up oil import prices for the Philippines and widening the country's trade deficit, current account deficit, and balance of payments deficit. ■
