PHILSTAR.COM/IRISH LISING

THE PESO jumped against the dollar on Wednesday as global crude oil prices dropped after the United States and Iran signaled progress in their ongoing peace talks.

The currency rose by 24.5 centavos to close at P61.305 a dollar from its P61.55 finish on Tuesday, according to Bankers Association of the Philippines data posted on its website.

The local unit opened the session stronger at P61.35 against the greenback. It reached an intraday high of P61.30, while its intraday low was at P61.46.

Dollars traded rose to $1.46 billion on Wednesday from $1.195 billion on Tuesday.

The peso was mainly supported by the decline in global crude oil prices following signals of progress in peace talks between the US and Iran, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

US President Donald J. Trump said he would briefly pause an operation to help escort ships through the Strait of Hormuz, citing progress towards a comprehensive agreement with Iran, Reuters reported.

That came shortly after US Secretary of State Marco Rubio said on Tuesday that the United States had achieved its objectives in its military campaign against Iran.

Oil prices fell on Wednesday, with Brent crude falling by more than 2.5% to around $106 a barrel.

“The peso appreciated following the reported improvement in domestic unemployment rate in March,” a trader added in an e-mail.

Preliminary results from the March 2026 Labor Force Survey showed the jobless rate rose to 5% in March from 3.9% in the same month a year ago. However, this was a slight improvement from the 5.1% unemployment rate in February.

For Thursday, the trader said the peso could reverse its gains if Philippine gross domestic product data come out weaker than expected.

The trader expects the currency to move between P61.15 and P61.45 per dollar, while Mr. Ricafort sees the peso ranging from P61.25 to P61.45. — Aaron Michael C. Sy

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