Peso hits record intraday low, but closes stronger at P62.835:$1 - GMA Network

The Philippine peso weakened to a fresh intraday record low against the US dollar on Tuesday but recovered to end the session stronger than the previous day, as concerns over global fuel supply amid the conflict in the Middle East continued to weigh on the currency.

The local currency gained 2.5 centavos to close at P62.835:$1 from Monday’s record low finish of P62.86:$1. It opened at P62.9:$1 and hit a record intraday low of P62.925:$1.

US President Donald Trump said Iran wanted to reach a deal to end the conflict in the Middle East, amid global oil supply threats as the conflict has widened.

Brent crude prices have continued to hover over $102.57 per barrel as of 3:41 p.m. Tuesday, while West Texas Intermediate (WTI) Futures were up by over 2 cents to $103.48 per barrel.

Local retailers on Tuesday implemented another round of pump price hikes, marking the second straight week of major price adjustments.

The Department of Energy (DOE), for its part, said it has already certified that the average price of Dubai crude oil was $99.41 per barrel from August 13 to September 11, surpassing the $80-per-barrel monthly average needed to suspend fuel excise taxes.

This comes as President Ferdinand “Bongbong” Marcos Jr. signed Republic Act 12316 into law in March, giving him emergency powers to suspend or reduce the excise tax rates on fuel. — BM, GMA News