Peso hits fresh intraday record low of P62.865:$1

The Philippine peso fell to a fresh intraday record low in early trading Monday, remaining under pressure from elevated global oil prices amid ongoing geopolitical tensions in the Middle East.

The local currency hit P62.865:$1 during Monday morning trading, surpassing the previous intraday record of P62.775:$1.

The peso was on track to set a new record-low close after opening at P62.75:$1, weaker than Friday's record close of P62.68:$1.

Oil prices rose by more than 2% on Monday, with Brent crude futures up 2.77% at $107.51 per barrel as of 2313 GMT, while West Texas Intermediate (WTI) futures climbed 2.27% to $102.32 per barrel.

The increase followed recent Houthi attacks on Saudi Arabia and Iranian assaults on ships in the Gulf, according to Reuters.— MCG, GMA News