Higher global oil prices weigh on peso

The Philippine peso softened against the US dollar for the second consecutive trading day on Thursday, following the recent increase in global oil prices.

The local currency lost 28 centavos to close Thursday at P52.41:$1 from Wednesday's P52.13:$1.

"The US dollar-peso corrected higher to close today at P52.41:$1... after global crude oil prices corrected higher to one-month highs recently," Michael Ricafort, economist at the Rizal Commercial Banking Corp. (RCBC), said in a text message.

According to a report by Reuters on Thursday, global oil prices were boosted by the US equity market rally, as well as a supply cut agreement by the Organization of Petroleum Countries Plus (OPEC+) members.

Brent crude futures rose by 68 cents to settle at $61.32 a barrel, while US West Texas Intermediate (WTI) crude futures rose 20 cents to settle at $52.31 a barrel. — Jon Viktor D. Cabuenas/RSJ, GMA News