Peso gains against US dollar, closes week at P61.24:$1

The Philippine peso ended the week stronger on Friday as the US dollar weakened against major Asian currencies.

The local currency gained 32 centavos to close at P61.24:$1, up from P61.56:$1 on Thursday.

The closing rate was the peso's strongest since June 29, 2026, when it settled at P61.17:$1.

Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the peso's appreciation to the US dollar's weakness against major currencies, particularly the Japanese yen.

Thursday's yen-buying and dollar-selling intervention set the Japanese currency for its biggest weekly rise since February and a monthly jump of more than 1.5%. The move has pulled it away from four-decade lows but failed to give it a sustained boost.

Ricafort also said the peso benefited from lower global crude oil prices.

"The peso exchange rate also appreciated against the US dollar after global crude oil prices declined on signs that shipping through the Strait of Hormuz has picked up despite hostilities in the Middle East," he said. –with a report from Reuters/VBL, GMA News