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Forex

Peso Slips as US-Iran Tensions Escalate Oil Prices

Guavy AI Editorial Team
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USD
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The Philippine peso slipped two centavos against the US dollar on Tuesday, closing at P62.565 from its previous finish of P62.545.

This decline comes as tensions between the United States and Iran remain high, pushing up global crude oil prices.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso's weakness to elevated global oil prices and safe-haven demand for the greenback.

A trader also pointed out that escalating US-Iran tensions were a major factor in the peso's decline, predicting it could weaken further on Wednesday due to potentially strong US data overnight.

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