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Commodities

Peso Slips Below 62.5:$1 Amid Rising Oil Prices and Middle East Tensions

Guavy AI Editorial Team
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Oil
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The Philippine peso hit another record low against the US dollar on Wednesday morning, slipping below 62.5:$1 due to rising oil prices and geopolitical tensions in the Middle East.

Brent crude rose almost 1% on the same day as investors sought safe-haven assets amid renewed hostilities between the US and Iran.

The peso's decline began earlier this week, when it closed at a record-low of 62.40:$1 on Tuesday.

MUFG Bank Ltd. described the Philippine peso as 'Asia's weakest link' despite recent rate hikes by the central bank, which balance inflation control with weak economic growth.

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