Manila: The Philippine peso rebounded against the U.S. dollar on Tuesday after several days of depreciation, supported by easing global oil prices, even as the local stock market closed in negative territory. The local currency strengthened to 59.87 against the greenback, improving from the previous session's 60.13.

According to Philippines News Agency, the peso opened trading at 59.88, firmer than the prior day's 60.25, and moved within a range of 59.74 to 59.93 throughout the session. The day's average stood at 59.85. Volume rose to USD2 billion from USD1.89 billion a day ago.

Rizal Commercial Banking Corporation chief economist Michael Ricafort attributed the peso's recovery to the continued weakness of the U.S. dollar against major global currencies, marking its seventh straight day of decline, alongside a drop in global oil prices. He noted that oil prices fell to nearly a two-week low of around USD96 per barrel, based on trading at the New York Mercantile Exchange (NYMEX). This development, he said, 'could help ease local inflationary pressures and reduce the country's oil importation bill/trade deficit.'

Meanwhile, the Philippine Stock Exchange index (PSEi) slipped by 0.68 percent to close at 6,013.10 points, while the broader All Shares index declined by 0.28 percent to 3,377.12. Sectoral indices were mostly in the red, led by Services, which fell 1.45 percent, followed by Holding Firms, 1.36 percent; Property, 0.11 percent; Financials, 0.06 percent. Gainers were limited to Mining and Oil, which rose 1.03 percent, and Industrial, up 0.75 percent. Volume reached 1.48 billion shares amounting to PHP5.9 billion. Advancers led decliners at 110 to 93 while 61 shares were unchanged.