The Philippine peso recovered on Thursday, closing at 61.485 against the US dollar after briefly touching a new intraday low of 61.75 in morning trading. The rebound came following the US Federal Reserve's decision to hold interest rates steady.
The peso gained 8.2 centavos from the previous session, ending a shortened trading week on a positive note. Markets are closed on Friday for Labor Day.
Trading volume surged to $2.5 billion from $1.6 billion a day earlier, indicating heightened market activity.
The local currency had been under pressure due to a strong US dollar and elevated global oil prices, but Thursday's recovery suggests some stabilization.