Peso Plummets to Fresh Record Low as Oil Prices Soar

The Philippine peso hit a fresh record low against the US dollar on July 24th, closing at 61.847 per dollar.

This marks a weakening of 9.7 centavos from the previous day's close of 61.75 and surpasses the previous record low of 61.75 set just yesterday.

Economists attribute this decline to escalating tensions between the US and Iran, which have driven up crude oil prices and stoked concerns over imported inflation.

In a note, Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., expects the peso to trade between 61.70 to 62 per dollar in the near term.