The peso closed at an all-time high of P59 against the US dollar on Thursday after finishing at P58.91 on Wednesday.

Volume at the Bankers Association of the Philippines reached $842.68 million, with trades amounting to $426.48 million in the morning when the peso averaged at P58.968 against the dollar.

''We are at an all-time high,'' said economist Jonas Ravelas in a social media post. ''The highest since Oct. 20, 2022.''

''The greenback continues to strengthen, gaining momentum after Donald Trump's re-election.

Economist Emmanuel Leyco told GMA News that ''immediately that prices of goods that we import, like fuel, will go up because we pay for them in dollars.'' DMS