Peso sinks to new record low, nears P62/$1

MANILA, Philippines — The Philippine peso plunged to a record low on Wednesday, approaching 62 per dollar during early trading amid rising market volatility.

The currency opened at 61.85 per dollar and weakened to an intraday low of 61.995 as of 9 a.m., according to data from the Bankers Association of the Philippines.

The decline surpassed the previous record low of 61.85 reached on July 24. /pai