The peso gained some breathing room, strengthening to its best finish in over a month as markets continued to price out some of the Middle East risk premium.
Bankers Association of the Philippines data showed the local unit closed at 60.48 per dollar, up 87 centavos from its 61.35 finish on June 11, the last trading day before the Independence Day holiday.
It was the peso’s strongest finish since May 7, when it closed at 60.42 per dollar.
The rebound came as easing tensions in the Middle East helped pull down oil prices and soften the dollar, giving the peso room to recover after weeks of pressure near record lows.
Traders will watch whether the peso can sustain gains near the 60 level, with the broader direction of the dollar and crude prices remaining key drivers.
