The Philippine peso fell below the 60-mark against the US dollar, while high oil prices are putting pressure on the economic outlook.

The Philippine peso has fallen below the key level of 60 pesos to the dollar, with high oil prices putting pressure on the country's economic outlook. On Thursday, the Philippine peso against the US dollar briefly fell by 1.3% to hit a record low of 60.30 pesos. The Philippine central bank had earlier indicated intervention may be implemented this week when the exchange rate was nearing this level. The Iran conflict has caused oil prices to soar, putting pressure on the currencies of major energy net importing countries in Asia. The depreciation of the currency has also increased the pressure on the central bank to defend the peso, which is one of the worst-performing Asian currencies this month.