Philippine Peso and Indian Rupee Decline Amid Strait of Hormuz Closure

The Philippine peso has depreciated to 60.8 per dollar, while India's rupee fell to an intraday low of 95.2, as the Strait of Hormuz remains largely closed to commercial traffic. According to NS3.AI, the peso's decline in March has surpassed 5%. The Bangko Sentral ng Pilipinas stated that its intervention is focused on moderating large fluctuations rather than maintaining a specific exchange rate level. Meanwhile, the Indian rupee has experienced an 11% drop over the fiscal year, marking its most significant decline since 2011-12. The Reserve Bank of India has imposed a cap on banks' net open positions in the onshore forex market at $100 million per day, effective April 10.