Manila: The Philippine peso strengthened against the U.S. dollar after the Holy Week break, while the Philippine Stock Exchange index (PSEi) declined amid developments in the Middle East conflict. The peso closed at 60.05, improving from last Wednesday's 60.16, marking its best level in nearly two weeks, according to an economist.

According to Philippines News Agency, Rizal Commercial Banking Corporation head of sales Michael Ricafort attributed the peso's performance to an accumulated seasonal increase in overseas Filipino workers' remittances and conversions to pesos to finance holiday-related spending across the country. Trading was halted last Thursday and Friday due to the Holy Week holidays.

The peso initially opened weaker at 60.55, compared to a previous 60.50, but strengthened to 60.00 during intraday trading before settling at 60.05. The average for the day stood at 60.5, with the volume reaching USD1.87 billion, a decrease from USD2.73 billion in the previous session. Ricafort anticipates the peso to trade between 59.95 and 60.20 against the U.S. dollar.

Meanwhile, the PSEi saw a decline of 0.84 percent, closing at 5,948.33. The broader All Shares index also fell by 0.50 percent to 3,336.99. Most sectoral indices ended with losses, led by Mining and Oil, which dropped 2.99 percent. Other sectors such as Holding Firms, Services, Financials, and Industrial also saw decreases, while only the Property index reported a slight gain of 0.02 percent.

Trading activity was relatively thin, with a volume of 816.76 million shares valued at PHP5.55 billion. Decliners significantly outnumbered advancers, with 125 issues declining, 70 advancing, and 70 remaining unchanged. Ricafort noted that investor sentiment was affected by U.S. President Donald Trump's recent ultimatum to target Iran's power plants on Tuesday, April 7, 2026. This development also contributed to an increase in global crude oil prices, nearing a four-year high at approximately USD111 per barrel.