Peso crosses 63 to $1 level

The peso breached the 63-to-a-dollar level yesterday, closing at a fresh record low as US inflation heated up, reinforcing expectations of prolonged high interest rates and boosting the dollar against emerging-market currencies.

Data from the Bankers Association of the Philippines showed the peso closed at 63.06 to $1, weakening by 19 centavos from Wednesday’s 62.87 finish.

It surpassed the previous record closing low of 62.90 set on Oct.