Philippine peso weakens to record low as oil prices extend gains
The peso slides as much as 0.3% to 61.995 per US dollar, weakening past the previous record low of 61.850 set in July.
The Philippine peso has reached a record low against the dollar, sliding to 61.995 as oil prices continue to rise. This marks a significant decline in the currency's value, with the peso losing over 5% this year, placing it among Asia's worst performers. The decline in the peso's value is exacerbated by the nation's heavy reliance on imported oil, with Brent crude prices up more than 5% in just four days.
The drop is also attributed to the strengthening US dollar and heightened geopolitical tensions. The central bank intervened in foreign-exchange markets last month to support the currency, but its impact on FX depreciation appears to be diminishing. President Ferdinand Marcos Jr. has stated that the country will not exhaust its foreign-exchange reserves to defend the peso, attributing the weakness to a strong dollar.
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- Philippine peso weakens to record low as oil prices extend gains freemalaysiatoday.com
