Peso Hits Record Low Amid US-Iran Tensions

The Philippine peso hit a fresh record-low of 61.847 against the US dollar on Friday, July 24, as tensions between the US and Iran drove up crude oil prices.

Data from the Bankers Association of the Philippines showed that the peso closed at 61.847 per dollar, weakening by 9.7 centavos from Thursday's finish of 61.75.

The local currency opened at 61.80 and traded within a narrow range of 61.78 to 61.85 during the session, with the day's high marking its weakest intraday level on record.

Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said that the peso remained under pressure due to elevated crude oil prices and renewed geopolitical tensions supporting the dollar.