Philippine Peso Gains to Strongest Since 2023 on Dollar, Oil
The Philippine peso rose to its strongest level in almost two years against the dollar, buoyed by weakness in the dollar and oil prices.
The currency gained 0.1% to 55.20 on Monday, the highest since August 2023, as the greenback is weighed down by growing concerns over the US fiscal gap. Low crude oil prices are also benefiting the Philippines, a net fuel importer, as it helps narrow its balance-of-payments deficit.
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