Dubai: The Philippine peso recorded its best day in four weeks on Thursday, holding steady at Php14 against the UAE dirham, with remittances continuing to record an uptick in the region - as seen in the previous weeks.
The currency rebounded to Php51 against the US dollar, from the previous day's close of Php52.01. The local currency gained 27 centavos to $51 versus $1. It hasn't been this strong since March 3, when it closed at 51.50 against the greenback. Check the latest forex rates here.
It hasn't been this strong since March 3, when it closed at 51.50 against the greenback. The peso started to strengthen on news of peace talks between Ukraine and Russia.
Moreover, the recent news of the US planning to release a significant oil supply from its strategic reserve - suspected to be at least 180 billion barrels of precious crude oil - helped ease forex sentiments.
The end of the first quarter and the end of the month are when the foreign currency market sees a lot of business US dollar requirements.
Analysts added that guidance on central bank rate hikes and the pullback in global oil prices is positive for net oil importers like the Philippines, Additionally, broad US dollar weakness could also have driven the Philippine peso's strength against the US dollar recently this week, the analysts added.
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