The PHP/USD pair rises sharply on easing crude costs, boosting the peso’s strongest daily performance since early August.
The Philippine peso strengthened against the US dollar, poised for its largest daily gain in a month. The rally follows a decline in global oil prices, reducing import costs for the energy-dependent economy.
Prior to this move, the peso had traded near multi-year lows, pressured by rising fuel expenses and a strong dollar. Analysts had expected modest gains, but the drop in crude prices accelerated the currency’s rebound.
Markets reacted positively, with the peso climbing 0.7% intraday, its best performance since August 5.