THE PESO slid to a fresh record low on Monday morning, March 30, 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 percent on Monday to once again surpass $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 percent to $103.13 just minutes after Asian markets had opened. A barrel of North Sea Brent, meanwhile, rose 2.98 percent to $115.93. (Ian Nicolas P. Cigaral © Philippine Daily Inquirer / with a report from AFP)
