THE PESO extended its climb against the dollar on Thursday, logging its best close in a month, after the United States said it would stop its military strikes on Iran after both traded attacks this week. The currency rose by 4.5 centavos to close at P61.35 versus the greenback from its P61.
THE PESO extended its climb against the dollar on Thursday, logging its best close in a month, after the United States said it would stop its military strikes on Iran after both traded attacks this week.
The currency rose by 4.5 centavos to close at P61.35 versus the greenback from its P61.395 finish on Wednesday, according to Bankers Association of the Philippines data posted on its website. The local unit opened Thursday’s session slightly stronger at P61.35 against the greenback. It rose to as high as P61.17, while its intraday low was at P61.43 versus the dollar.
“The dollar-peso closed lower amid news of US ending attacks on Iran. Easing tensions triggered dollar correction for today,” a trader said by phone. The flare-up initially supported the greenback after Iran declared total closure on the Strait of Hormuz, the trader added. The United States and Iran traded air attacks for a second straight day on Thursday, with President Donald J. Trump vowing further strikes if Tehran does not immediately agree to a peace deal, Reuters reported.
The escalation in hostilities began this week with Monday’s downing of a US Apache helicopter near the Strait of Hormuz, which sparked a series of tit-for-tat attacks across Iran and on US bases around the region. It was the most serious threat to a fragile ceasefire agreed in April, dampening hopes for a swift end to the war that started in late February with massive US-Israeli joint airstrikes on Iran.
Mr. Trump told Fox News reporter Trey Yingst on Wednesday evening the US strikes would stop shortly but that he would resume heavy bombing if Iran’s leaders did not sign an agreement with the United States immediately. Oil prices rose nearly $3 following Mr. Trump’s threat, and extended gains in Asian trade on Thursday.
The dollar index, which measures the US currency against six major peers, eased to 99.903 after the US military said it had completed strikes against multiple targets in Iran. The peso was also bolstered by the seasonal increase in remittances and conversion to pesos to finance some tuition payments for the opening of the school year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message. Aaron Michael C. Sy
Please follow us on Google to support us Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Peso strengthens as Gulf tensions ease - BusinessWorld OnlineTHE PESO strengthened against the dollar on Tuesday as global oil prices resumed their downtrend amid easing tensions in the Gulf region. The currency climbed by 14.5 centavos to close at P61.545 versus the greenback from its P61.69 finish on Monday, based on Bankers Association of the Philippines data posted on its website.
Read more »
Bond yields jump with BSP seen staying hawkish - BusinessWorld OnlineTHE GOVERNMENT made a partial award of the dual-tenor Treasury bonds (T-bonds) it auctioned off on Tuesday as the market asked for higher yields on expectations of elevated inflation and rates as the Middle East conflict remains unresolved. The Bureau of the Treasury (BTr) raised only P35.
Read more »
Peso hits one-month high before key US data - BusinessWorld OnlineTHE PESO jumped to a near one-month high against the dollar on Wednesday as players positioned before the release of US inflation data overnight and as the situation in the Middle East remains volatile. The currency rose by 15 centavos to close at P61.395 versus the greenback from its P61.
Read more »
Peso strengthens to one-month highThe Philippine peso closed stronger against the US dollar on Thursday, gaining 4.5 centavos to close at P61.35:$1 from Wednesday’s finish of P62.395:$1.
Read more »