The Philippine peso closed at 62.91 per dollar on Tuesday, its strongest finish in nearly a month, as falling oil prices eased pressure on one of Asia’s most oil-exposed currencies.
MoneyTurkey Foreign Markets Desk | 10 November 2026
Key points
- The peso gained 40 centavos to close at 62.91 per dollar from 63.31 on Monday, Bankers Association of the Philippines data showed, per BusinessWorld.
- It was the strongest close since 62.87 on 14 October. Dollar volume rose to $1.83 billion from $1.26 billion.
- The peso hit a record low of 64.17 per dollar on 27 October, more than 8% weaker than its end-2025 close.
What happened
The peso opened stronger at 63.10 per dollar and traded between 62.895 and 63.13 during the session, BusinessWorld reported. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the main support was the sharp drop in crude after US President Donald Trump said fresh attacks on Iran were unlikely, which could also ease domestic inflation pressure.
Brent crude futures fell 1.7% to $90.99 a barrel at 07:59 GMT on Tuesday, Reuters reported, after settling down 5.85% on Monday at the lowest since 31 August.
Why it matters
The Philippines imports most of its oil, so the peso has tracked crude closely through the Middle East conflict. It traded around 58 to 59 per dollar before the war and broke through 64 in October.
Bank of America strategist Abhay Gupta said in an 8 November note that lower oil and seasonal remittance inflows could help the peso stabilise near current levels, but that Brent would need to fall below $70 a barrel for a lasting recovery. Until the basic balance deficit narrows to about 2% of GDP, he said, the medium-term trend for the peso is still likely to be negative.
Reserves and the central bank
Gross international reserves fell 11.7% year on year to $97.35 billion in October, the lowest in nearly four years. Gupta said the Bangko Sentral ng Pilipinas has kept its forward book flat for months, leaving room to intervene in forwards or tap banks’ dollar deposits through swaps. Governor Eli Remolona has said the central bank steps in to smooth sharp moves but does not defend a specific exchange rate or tighten policy to support the peso.
What to watch
- US inflation data later on Tuesday and the dollar’s reaction
- Brent crude and any progress on US-Iran talks
- Holiday-season remittance flows into the Philippines
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For information only. Not investment advice.
Sources
- BusinessWorld: Peso jumps to P62 level as oil prices go down
