According to CoinMeta, the Philippine peso fell below 62 pesos per US dollar on Friday, hitting a historic low. Some analysts believe that this drop may prompt authorities to take action to support the local currency. The peso tumbled by 0.6% to a record low of 62.25 pesos per US dollar. Rising oil prices have further pressured the peso, as almost all of the country's oil demand relies on imports, and higher oil prices could lead to an expansion of the country's current account deficit. On August 19, the Philippine Central Bank stated that it would "intervene to address market disorder and stabilize extreme fluctuations." However, the central bank governor said on Wednesday that policymakers would not defend a specific exchange rate level but would focus on stabilizing sharp fluctuations in the exchange rate. This year, the peso has fallen by more than 5% against the US dollar, making it one of the worst-performing currencies in Asia.