MANILA, July 25 (Xinhua) -- The Philippine peso fell to a record low against the U.S. dollar on Friday as higher oil prices, renewed Middle East tensions and fresh U.S. tariff measures added pressure on the peso, according to local media reports on Saturday
The peso closed at 61.847 per U.S. dollar, surpassing its previous record low of 61.75. Analysts said investors shifted to the U.S. dollar as a safe-haven asset amid growing geopolitical and trade uncertainties. Higher oil prices also raised concerns over inflation.
Meanwhile, the U.S. rolled out new tariffs effective Friday, levying 10 percent and 12.5 percent duties on imports from 60 trading partners, including the Philippines. These duties supersede an expiring temporary 10 percent tariff, further fuelling market uncertainty.
Analysts said the peso could approach the 62-per-dollar level if geopolitical tensions and trade uncertainties persist, with higher oil prices expected to keep pressure on the local currency. ■