Peso Hits Record Low for Fourth Straight Day Amid Rising Oil Prices

The Philippine peso has hit its fourth consecutive record low against the US dollar. The currency closed at P62.565:$1 on Wednesday, surpassing its previous record of P62.40:$1 set just a day earlier. This decline comes as global oil prices continue to rise amid the conflict between the United States and Iran.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort attributes the peso's latest decline to higher global oil prices, which have breached $95 per barrel after the US launched fresh strikes on Iran. Brent crude prices also reached $91 per barrel, their highest levels in a month since July.

Local equities were also affected, with the Philippine Stock Exchange index (PSEi) falling 40.66 points or 0.67% to 6,053.23. Regina Capital Development Corp. head of sales Luis Limlingan notes that the market underwent a correction following yesterday's strong buying activity.