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Peso Plummets to Record Low as Oil Prices Soar Amid Middle East Tensions

Guavy AI Editorial Team
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The Philippine peso has hit a new record low against the US dollar as tensions in the Middle East escalate.

The currency fell to an intraday low of P62.58 per dollar during morning trading on Wednesday, according to data from the Bankers Association of the Philippines.

This move comes as Brent crude oil prices rose almost 1% on Wednesday, boosting demand for the US dollar as a safe-haven asset.

The peso has been under pressure due to higher oil prices and geopolitical risks, which have weighed on the currency. MUFG Bank Ltd. recently described it as Asia's 'weakest link' despite the central bank's recent rate hike.

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