The Philippine peso weakened against the U.S. dollar on Tuesday, falling 19 centavos to close at 61.36 pesos per dollar from 61.17 pesos the previous day.
The peso opened at 61.20 per dollar, reached an intraday low of 61.37, and peaked at 61.17. Dollar trading volume rose to 1.629 billion dollars from 1.427 billion dollars.
The decline was driven by conflicting signals from the United States and Iran regarding the resumption of peace talks, which increased safe‑haven demand.
Technical teams from Iran and the United States are expected to meet in Doha in the coming days to advance an interim peace deal after recent strikes.
A weaker Japanese yen contributed to the dollar’s rise, with the yen falling to levels not seen since 1986 and raising concerns about potential intervention.
The yen reached 162.41 against the dollar, the highest level in 40 years, and Japanese authorities previously intervened by spending 11.7 trillion yen in April and May, though the effect has faded.
The dollar index recovered some overnight losses, ending at 101.32, and is projected to rise 1.4% this quarter after a 1.6% gain earlier.
Currency analysts forecast the peso to trade between 61 and 61.50 against the dollar on Wednesday, with expectations of a range between 61.25 and 61.50.
