Peso Bounces Back from Record Low Amid Middle East Tensions
The peso strengthened against the dollar on Monday after touching a new record low intraday amid the worsening Middle East conflict.
Despite opening weaker at PHP 62.62 per dollar, it inched up by 0.4 centavo to close at PHP 62.586 versus the greenback from Friday's record-low finish of PHP 62.59.
The local unit's intraday best was at PHP 62.58, while its worst showing was at PHP 62.775, marking a new historic low for the peso against the dollar as it surpassed the previous intraday record of PHP 62.69 logged on Sept. 2.
'The peso's record intraday low was largely driven by continued US dollar strength, elevated US yields, and persistent concerns over higher oil prices and global uncertainty,' said Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion.