Peso rebounds on risk-on sentiment

The Philippine peso rebounded against its US counterpart on Tuesday, buoyed by risk-on sentiment during the session.

The local currency gained 27.5 centavos to close at P50.07:$1 from Monday's finish of P50.345:$1.

According to BDO Unibank Inc. chief market strategist Jonathan Ravelas, Tuesday's appreciation rode on risk-on sentiment following the climb in local equities.

"Peso stronger after risk-on sentiment sweeps the region with Asian equities following US peers higher," he said in a mobile message.

The local stock barometer surged by 1.91% to close at 6,281.75 earlier on Tuesday, taking cues from Wall Street's overnight rally.

"Expect USD/PHP to consolidate within the P50.00/P50.60:$1 levels in the near-term," said Ravelas. — RSJ, GMA News