The Philippine Peso went down against the dollar on Wednesday on safe-haven demand for the greenback as United States’ debt ceiling deadline looms.

The local currency closed at P55.77 versus the dollar on Wednesday, declining by 20 centavos from Tuesday’s finish of P55.57, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Wednesday’s session at P55.77 per dollar. Its worst showing was at P55.82, while its intraday best was at P55.725 versus the greenback.

Dollars traded declined to $890.3 million on Wednesday from the $1.19 billion recorded on Tuesday.