Peso Extends Slide Ahead of US Inflation Data
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The peso sank further against the dollar on Wednesday, inching close to its record low, on expectations of faster US consumer inflation and amid fresh hostilities in the Middle East. The currency shed seven centavos to end at P62.87 versus the greenback from its P62.80 finish on Tuesday. The local unit opened the session stronger at P62.70 per dollar and climbed to an intraday high of P62.65. Meanwhile, its weakest showing was at P62.88, near its all-time-low finish of P62.90 recorded on Oct. 8. Dollars traded declined to $941 million from $1.022 billion. The dollar index, which measures the greenback against a basket of currencies, fell 0.09% to 102.09, following a 0.35% slide on Tuesday, Reuters reported.
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