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MANILA, Philippines — The Philippine peso slid to another record low on Thursday before paring some of its losses by the end of the session, as a stronger dollar gained ground after the US Federal Reserve held interest rates steady while warning of rising inflation risks tied to the Middle East conflict.
The local currency recovered 8.2 centavos to close a shortened trading week at 61.485 per dollar, with markets shut on Friday for the Labor Day holiday.
READ: Uncharted territory: Peso closes at new record low
Earlier in the day, the peso hit an intraday low of 61.75—a new record low—before paring declines. Trading was brisk, with volume rising to $2.5 billion from $1.6 billion in the previous session.
