The peso closed at P58.27 against the dollar on Tuesday from P57.90 on Monday which was its lowest since November 10, 2022 at the Bankers Association of the Philippines.

The peso finished a shade below the day's low of P58.28 during the morning session. The currency last breached P58 level to one dollar nearly two years ago of P58.19.

The central bank, in the meeting of its policy-making body, decided last week to retain its overnight rate of 6.5 percent. DMS