The Philippine peso has crossed the P62-per-US dollar threshold for the first time in history, opening at P62.05 against the greenback this morning, according to Bankers Association of the Philippines (BAP) data.

The local currency closed at a record-low P61.888 against the dollar yesterday afternoon, driven by safe-haven dollar demand amid persistent uncertainty in the Middle East.

It previously flirted with crossing the psychological threshold, reaching a then-intraday high of P61.995 on 19 August.

As of this morning, the peso has surpassed that level, reaching a new intraday high of P62.20, per BAP data.