Peso Hits Record-Low Amid US-Iran Tensions and Soaring Oil Prices

The Philippine peso reached a new record low of 61.847 against the US dollar on July 24, surpassing its previous record of 61.75 set just two days prior.

The peso's weakness was attributed to escalating tensions between the United States and Iran, which drove up crude oil prices and led to increased concerns over imported inflation.

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.

Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., expects the peso to trade between 61.70 and 62 dollars in the near term due to the ongoing pressure on the local currency.