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MANILA, Philippines — The Philippine peso sank to a fresh record low on Friday as investors flocked to the US dollar after oil prices rebounded above $100 a barrel on renewed Middle East tensions, fueling fears of another inflation shock.
The peso opened at 61.80 to the dollar before weakening to an intraday low of 61.845, eclipsing Wednesday’s record low of 61.75.
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The dollar strengthened broadly as rising US Treasury yields and surging crude prices reinforced expectations that inflation could remain elevated, Reuters reported. Investors also weighed the prospect of renewed trade tensions, prompting demand for the greenback.
