Peso strengthens to 56:$1 as Middle East optimism weakens dollar
Provided by Philippine Daily Inquirer.
MANILA, Philippines - The Philippine peso rallied to the 56 level against the greenback on Wednesday after a ceasefire between Israel and Iran was announced.
The local currency finished trading at 56.711, gaining 44.9 centavos from its previous closing.
READ: Stocks rally as Iran-Israel ceasefire holds, oil claws back some losses
The peso overpowered a weak dollar, which dropped amid optimism fueled by the ceasefire announcement. This, despite signals from the US Federal Reserve that it would stay patient as inflation in America is projected to rise “soon”.
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. had said that the central bank was ready to defend the peso if its weakness reaches a certain “threshold” and threatens the inflation outlook.
(2025/06/25-17:00)
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