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Peso climbs as tensions in Russia ease

THE PESO rose to a near two-month high against the dollar on Tuesday as tensions in Russia eased.

The local currency closed at P55.32 versus the dollar on Tuesday, surging by 38 centavos from Monday’s P55.70 finish, data from the Bankers Association of the Philippines’ website showed.

This was the peso’s strongest close since its P55.25-per-dollar finish on May 8.

The local unit opened Tuesday’s session at P55.67 per dollar. Its weakest showing was at P55.70, while its intraday best was at P55.30 against the greenback.

Dollars traded jumped to $1.029 billion on Tuesday from the $646.5 million seen on Monday.

The peso rose amid easing tensions in Russia after an aborted coup by the Wagner Group, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso appreciated after the geopolitical conflict between Russia and the paramilitary Wagner Group was resolved,” a trader likewise said in an e-mail.

Russia sought to restore calm on Monday after an aborted mutiny by Wagner Group mercenaries over the weekend, while Western allies assessed how President Vladimir Putin might reassert authority and what it could mean for the war in Ukraine, Reuters reported.

Philippine financial markets are closed on June 28 for a regular holiday in observance of Eid’l Adha.

For Thursday, the trader said the peso could appreciate further amid expectations of a weak US retail sales report.

The trader sees the peso moving between P55.20 and P55.45 on Thursday, while Mr. Ricafort expects it to range from P55.25 to P55.45. — AMCS with Reuters

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