Peso falls back to 59 level on Iran war jitters

MANILA, Philippines — The Philippine peso weakened to 59.17 per dollar on Wednesday, shedding 27.4 centavos from its previous finish and slipping back to the 59 level as investors sought safety amid geopolitical risks in the Middle East.

The currency reversed the prior session’s gains as markets turned cautious over the uncertain trajectory of the war involving Iran.

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Escalating tensions in the Gulf region have already driven swings in oil prices and weighed on emerging-market currencies.

For the Philippines — a heavy fuel importer — higher crude costs threaten to widen the import bill, factors that tend to pressure the peso and stoke inflation. /dda

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