The Philippine peso slid to a new record low against the dollar on the first trading day of the week, as rising US Treasury yields amid mounting expectations of interest-rate increases from global central banks drive the greenback’s strength.

The local currency fell 2.9 centavos to close at 61.75 per dollar, matching the day’s intraday low and surpassing the previous record-low finish of 61.721 set in the prior session, data from the Bankers Association of the Philippines showed.