Why has the Philippine peso plunged to a record low?

NEWS SUMMARY

The Philippine peso hit a record low of 62.71 against the US dollar on Friday, losing approximately 6 percent of its value since January 1. This decline is attributed to rising oil prices due to geopolitical turmoil in the Middle East and a strengthening US dollar, exacerbating the Philippines' fiscal and current account deficits.

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The Southeast Asian country's currency has plummeted amid the fallout of the Iran war and economic challenges at home.

Why has the Philippine peso plunged to a record low?

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