The Philippine peso strengthened against the US dollar on Thursday, closing at P61.62, marking a second consecutive day of gains for the local currency.
The move reversed a sharp depreciation earlier in the week, when the peso had weakened to P61.71, its lowest level in recent memory.
The recovery was driven by softer-than-expected US inflation data, which reduced pressure on the greenback and provided tailwinds for emerging-market assets.
The rebound comes after a volatile period for Philippine equities and FX.
Earlier in the week, the benchmark PSEi had rallied past the 6,200 mark as investors positioned for positive macroeconomic data releases.
However, the peso subsequently faced selling pressure, shedding 11.1 centavos in a single session before staging this recovery.