Peso Strengthens as US-Iran Tensions Ease, Oil Prices Decline

The Philippine peso rebounded against the US dollar on Monday after global oil prices declined over the weekend due to a decrease in tensions between the United States and Iran.

The local currency gained 17.2 centavos, closing at P61.675 per dollar from its record-low of P61.847 on Friday, according to data from the Bankers Association of the Philippines' website.

Dollars exchanged rose to $990.68 million from $969.38 million previously, with market sentiment boosted by moderating tensions in the Middle East and lower global crude oil prices.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso's strength to the easing of inflation concerns.

The dollar dropped against other major currencies on Monday, including a 0.2% decline against the yen at ¥163.53, and a 6.5% drop in Brent crude oil prices to $90.45 per barrel.