Peso nears 60 vs dollarIntraday trade hits record low 59.95MANILA, Philippines — The peso fell to another record low yesterday, weakening closer to the key 60-per-dollar level as strong global dollar demand and elevated oil prices amid escalating geopolitical tensions weighed on the local currency. Data from the Bankers Association of the Philippines showed the peso closed at 59.87 per dollar, 13.5 centavos weaker than Friday’s 59.735 finish. During the session, the local currency traded between 59.70 and 59.95, with the latter marking its weakest intraday level and a new record high for the dollar. A trader said the peso’s weakness was largely driven by developments in the Middle East that pushed both the dollar and oil prices higher. “The reported bombing of the Kharg Island has propelled both the dollar and global crude oil prices higher,” the trader said.
