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MANILA, Philippines – The Philippine peso returned to the P60-per-dollar level on Monday after the United States and Iran reached a tentative peace deal ending the war in the Middle East and reopening the Strait of Hormuz.
Data from the Bankers Association of the Philippines showed the local currency strengthened by 87 centavos to close at P60.48 against the dollar, its strongest finish since May 7, when it settled at P60.42:$1.
READ: Trump: Deal reached with Iran, Hormuz naval blockade ordered removed
It also marked the first return to the 60 level since May 8, when the peso closed at P60.613.
