MANILA: The peso slid to a fresh record low on Monday (March 30) morning, pressured by a surging dollar as fears of a prolonged Middle East conflict spurred a flight to safety.
The currency opened at 60.55 per dollar before weakening to an intraday low of 60.82 in morning trade.
The greenback extended its rally on concerns over a potential ground offensive by the US and the entry of Yemen’s Iran-aligned Houthis into the conflict.
The price of the main US benchmark for oil rose over 3 per cent on Monday to once again surpass US$100 a barrel, while Brent climbed above $115 with no end in sight for the war in the Middle East.
A barrel of West Texas Intermediate (WTI), the US benchmark, for May delivery rose 3.5 per cent to $103.13 just minutes after Asian markets had opened.
A barrel of North Sea Brent, meanwhile, rose 2.98 per cent to $115.93. - Philippine Daily Inquirer/ANN
