The peso’s value against the dollar fell to 61.75.

A money changer employee shows US dollar bills at their shop in Quezon City.

MANILA, Philippines — The value of the peso against the dollar fell again on the first trading day of this week.

According to data from the Bankers Association of the Philippines, the peso dropped by 2.9 centavos and closed at P61.75 to the dollar on Monday.

This is lower than the previous record low of P61.721 at the close of exchange on Friday.

It opened at P61.69 and briefly rose to P61.64, but later fell to a record intraday low of P61.75.

Trading volume also dropped by 16.4% to $1 billion from the previous $1.2 billion.

The peso’s decline followed the dollar’s continued strength and higher oil prices, which continue to affect import costs and foreign exchange demand.