Peso Strengthens as Oil Prices Ease Supply Concerns

The peso strengthened against the dollar on Thursday as oil prices continued to decline due to easing supply concerns.

According to Bankers Association of the Philippines data, the currency gained 0.9 centavo to close at P62.73 per dollar from its previous finish of P62.739.

The local unit initially traded weaker at P62.83 per dollar but managed to recover to an intraday best of P62.72 against the greenback.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso's strength to declining global crude oil prices, which helped ease inflation concerns.