Peso rebounds vs. US dollar

The Philippine peso rebounded against the greenback on Tuesday, as the dollar was weighed down by political uncertainty in the United States.

The local currency gained 4.9 centavos to close at P48.051:$1 versus last Friday's finish of P48.1:$1.

"Market is looking out for developments in US politics which drove the PHP/USD pair lower today," a foreign exchange trader from a local bank said in a phone interview.

Reuters reported that the US House was dominated by political uncertainty after Democrats introduced a resolution to impeach outgoing President Donald Trump, accusing him of inciting insurrection after the violent attack on the Capitol last week.

Several platforms such as Amazon, Apple, Facebook, and Twitter have taken action against Trump and his supporters due to increasing tensions. — BM, GMA News