MANILA, Oct. 21 (Xinhua) -- The Philippine peso closed at 63.361 pesos per U.S. dollar on Wednesday, hitting a record low for the 29th time this year, according to data from the Bankers Association of the Philippines.
The Philippine peso hit an intraday low of 63.373 pesos to 1 U.S. dollar.
John Paolo Rivera, a senior research fellow from the Philippine Institute for Development Studies, said the peso's weakness reflects persistent dollar demand, global financial uncertainty, elevated oil prices, and growing concerns over the country's widening balance of payments deficit.
Rivera warned that continued depreciation of the peso could raise import costs and add to inflationary pressures, especially for fuel, food and transportation. He said prolonged weakness could erode household purchasing power and increase business costs. ■