Peso returns to 60 level as US, Iran announce tentative peace deal

MANILA, Philippines – The Philippine peso returned to the P60-per-dollar level on Monday after the United States and Iran reached a tentative peace deal ending the war in the Middle East and reopening the Strait of Hormuz.

Data from the Bankers Association of the Philippines showed the local currency strengthened by 87 centavos to close at P60.48 against the dollar, its strongest finish since May 7, when it settled at P60.42:$1.

READ: Trump: Deal reached with Iran, Hormuz naval blockade ordered removed

It also marked the first return to the 60 level since May 8, when the peso closed at P60.613.

During the session, the peso traded as strong as 60.445 and as weak as 60.73 against the greenback.

Trading volume eased to $1.7 billion from $2.27 billion in the previous session.

READ: Peso seen tracking oil, US yields, BSP tone

“Getting back to P60 looks achievable if the market continues to unwind the Middle East risk premium. The peace deal helps through lower oil prices and a softer dollar,” Robert Dan Roces, group economist at SM Investments Corporation, said. /pai INQ