The Philippine peso strengthened back to the 60-per-dollar level on Monday, posting its strongest close in more than a month as easing geopolitical tensions in the Middle East dampened demand for the US dollar, according to a report by Philstar Biz.
The local currency's recovery reflects improved market sentiment following reduced fears of a broader conflict in the Middle East, which had previously driven investors toward safe-haven assets like the dollar. The peso's latest close marks a notable rebound from recent weakness, bringing it back to a key psychological level watched by traders and businesses.
Market analysts expect the peso to remain sensitive to external developments, including global oil prices and monetary policy signals from the US Federal Reserve. A sustained move below the 60-per-dollar threshold could provide some relief for importers and help temper inflationary pressures in the coming weeks.