Peso declines versus dollar

The peso declined against the dollar on Monday after the United States urged its allies to impose tariffs on countries that are buying oil from Russia.

The local unit closed at PHP 57.181 versus the greenback, dropping by 8.1 centavos from its PHP 57.10 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened Monday’s session weaker at PHP 57.20 versus the dollar. Its intraday high was at PHP 57.16, while its worst showing was at PHP 57.38 against the greenback.

Dollars traded went up to USD 1.52 billion on Monday from USD 1.48 billion on Friday.

The dollar was generally stronger on Monday as US President Donald J. Trump said they could impose more sanctions on Russia, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mr. Trump said on Saturday that the US is prepared to impose fresh energy sanctions on Russia, but only if all North Atlantic Treaty Organization (NATO) nations cease purchasing Russian oil and implement similar measures, Reuters reported.

In recent weeks, the US has stepped up pressure on NATO countries to tighten energy sanctions on Russia in a bid to help end its war with Ukraine — a conflict Mr. Trump has struggled to bring to a close despite repeated threats of harsher penalties on Moscow and its partners.

For Tuesday, a trader said the peso could move between PHP 57 and PHP 57.40 per dollar, while Mr. Ricafort expects it to range from PHP 57.10 to PHP 57.30. — A.M.C. Sy with Reuters