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Peso slump deepens as oil rally pushes rate near ₱60:$1

Business | Banking & Finance

Peso slump deepens as oil rally pushes rate near ₱60:$1

By Derco Rosal

At A Glance

Surging oil prices stemming from the ongoing war in the Middle East continued to injure the peso, causing it to shed 35 centavos against the United States (US) dollar on Friday, March 13, ending the week at a new record-low close of ₱59.735.

Surging oil prices stemming from the ongoing war in the Middle East continued to weaken the peso, causing it to shed 35 centavos against the United States (US) dollar on Friday, March 13, ending the week at a new record-low close of ₱59.735.

This fresh record swiftly surpassed the previous all-time low of ₱59.5 per US dollar seen on the first day of the trading week.

According to the Bankers Association of the Philippines (BAP), the peso hit an intraday low of ₱59.75 and a high of ₱59.41 after opening at ₱59.55.

Total trading volume jumped to $2.228 billion from $1.918 billion last Thursday, March 12. Singapore-based Oversea-Chinese Banking Corp. Ltd. (OCBC) said the Philippine peso “may be under more pressure” as it is sensitive to oil and sentiment shocks.

According to a trader, the local currency’s slide to near ₱60-per-US-dollar levels could be attributed to the “strong dollar demand and rising oil prices amid heightened geopolitical tensions in the Middle East, which typically pressure currencies of oil-importing economies like the Philippines.”

Oil prices, global dollar strength, and geopolitical factors are expected to continue influencing foreign exchange (forex) swings.

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