Philippine Peso Finds Line in Sand as Record Low Holds

The Philippine peso is holding near its record low of 61.75 per dollar, with the central bank intervening via dollar sales as oil prices surge and the US dollar strengthens. The Reserve Bank of India has also stepped in to support the rupee, having built over $100 billion in short dollar forward positions over the past two years. Asian currencies broadly face pressure, with central banks in the Philippines, India, Japan, and Indonesia all actively managing currency weakness against a strong dollar.