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Manila Bulletin devider Business devider Banking & Finance devider Peso crosses ₱58 mark, hits 5-month low against US dollar

Peso crosses ₱58 mark, hits 5-month low against US dollar

Published Jul 31, 2025 11:55 am  |  Updated Jul 31, 2025 04:55 pm
After a four-day losing streak, the Philippine peso continued depreciating against the United States (US) dollar on Thursday, July 31, as it dropped to its lowest in more than five months since February this year.
It shed 74 centavos to close at ₱58.32 from ₱57.58 last Wednesday. The last time the peso touched the ₱58 level was on Feb. 4, 2025, when it closed at ₱58.34 against the greenback.
The local currency hit an intraday low of ₱58.4 and a high of ₱57.85 after opening at ₱57.86. 
Total trading volume jumped to almost $2.6 billion from Wednesday’s $1.859 billion, according to the Bankers Association of the Philippines (BAP).
“Asian currencies generally weakened on the back of the hawkish Fed [US Federal Reserve] and stronger dollar,” said MUFG Global Markets Research senior currency analyst Michael Wan.

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