# Philippine peso and market volatility > Live situation record from CLSTR: https://clstr.news/situations/philippine-peso-and-market-volatility > Updated: 2026-09-11T03:44:22.000Z. Sources: 8. Developments: 4. The Philippine peso has continued its downward trajectory, reaching new record lows against the US dollar. By early September, the currency slid past the 62.50 mark, hitting an intraday low of 62.58 on September 2, driven by escalating geopolitical tensions between the United States and Iran. These hostilities increased global oil prices and strengthened the US dollar as a safe-haven asset, contributing to a 0.67 percent decline in the Philippine Stock Exchange Index (PSEi) and net foreign investor outflows of P559.82 million. By September 4, the peso closed between 62.59 and 62.71 per greenback, representing a roughly 6 percent loss in value since the start of the year. External pressures remain high as elevated US Treasury yields encourage capital flight toward dollar-denominated assets. Additionally, concerns over oil supply disruptions have increased demand for US dollars as importers convert local currency to purchase dollar-priced crude. On September 8, the currency hit a fresh record-low closing rate of P62.625 to $1. This depreciation is expected to increase the cost of living for Filipinos by driving up prices for imported essentials such as fuel, electricity, and food. While the weakening peso may benefit overseas Filipino workers through increased remittance values, these gains are often offset by the rising costs of goods and services. On September 11, 2026, the peso reached a new record low, closing at P62.68 against the US dollar. According to the Bankers Association of the Philippines, this marks the 24th time the currency has hit a record low this year. The decline is being driven by rising crude oil prices due to Middle East supply concerns and shipping risks in the Red Sea, alongside expectations that the US Federal Reserve will maintain high interest rates. ## Timeline ### 2026-09-11: Philippine peso hits record low of P62.68 against US dollar The Philippine peso hit a new record low of P62.68 to the US dollar on September 11, 2026, driven by high oil prices and a strong US dollar. 2 sources. https://clstr.news/cluster/philippine-peso-hits-record-low-of-p6268-against-us-dollar ### 2026-09-04: Philippine peso hits record low against US dollar The Philippine peso has hit record lows against the US dollar, driven by a strong greenback, rising US Treasury yields, geopolitical tensions affecting oil prices, and domestic inflation concerns. 3 sources. https://clstr.news/cluster/philippine-peso-hits-record-low-against-us-dollar ### 2026-09-02: Philippine markets and peso decline amid US-Iran tensions The Philippine PSEi fell 0.67 percent and the peso hit a record low against the US dollar amid rising oil prices and US-Iran tensions. 4 sources. https://clstr.news/cluster/philippine-markets-and-peso-decline-amid-us-iran-tensions ### 2026-08-31: Philippine peso hits record lows amid consumption and inflation concerns The Philippine peso has hit record lows, reaching 62.265 against the US dollar. Central bank officials cite consumption culture and current account deficits as key drivers of the currency's decline. 4 sources. https://clstr.news/cluster/philippine-peso-hits-record-lows-against-us-dollar --- Cite as: Philippine peso and market volatility. CLSTR, https://clstr.news/situations/philippine-peso-and-market-volatility