Philippine Peso Finds a Line in the Sand as Record Low Holds

The Philippine peso is finding support at its record low of 61.75 per dollar, with the central bank (BSP) actively intervening in the FX market as US-Iran tensions escalate and oil prices surge. The Reserve Bank of India also stepped in to support the rupee this week, while India has amassed over $100 billion in short dollar forward positions over the past two years. Asian currencies broadly face pressure from a stronger dollar and rising crude, with analysts warning that holding specific levels will become increasingly costly for central banks.