Philippine peso fell to a record low against the dollar as rising oil prices renewed pressure on the currency. The Philippines imports almost all its oil, leaving the peso sensitive to energy-cost swings; Brent has risen over 5% in the past four days. The peso is down more than 5% YTD, making it one of Asia's weakest currencies. BNY MELLON Asia market strategist Wee Khoon Chong said PHILIPPINE C.BANK may "be inclined to hike again to defend the peso," but that the effectiveness of rate increases

Philippine peso fell to a record low against the dollar as rising oil prices renewed pressure on the currency. The Philippines imports almost all its oil, leaving the peso sensitive to energy-cost swings; Brent has risen over 5% in the past four days. The peso is down more than 5% YTD, making it one of Asia's weakest currencies. BNY MELLON Asia market strategist Wee Khoon Chong said PHILIPPINE C.BANK may "be inclined to hike again to defend the peso," but that the effectiveness of rate increases in stemming FX weakness is waning. Foreign exchange reserves have fallen about 7% YTD to $103.0bn.