Updated
Updated · Bloomberg · Jul 14Philippine Peso Nears Record Low 61.75 per Dollar as Middle East Tensions Lift Oil
2 articles · Updated · Bloomberg · Jul 14Summary
- The peso weakened again on Tuesday, moving to within a whisker of its record low of 61.75 per dollar, a level last reached in June.
- Higher oil prices drove the latest slide after escalating Middle East tensions renewed pressure on the import-dependent Philippine currency.
- The move underscores how quickly external energy shocks are feeding into peso weakness, with traders again testing the currency's historic low.
Insights
After its recent plunge and quick recovery, how resilient is the Philippine peso really? Beyond rate hikes, how can the Philippines shield its economy from future oil shocks?