MANILA - The Philippine peso continued to strengthen and finally recovered to the 56-to-the-dollar level at the end of Tuesday's trading. 

Data from the Bankers Association of the Philippines website showed that the peso was at 56.96 to the US dollar as the trading day closed. It opened at 57.25.

As late as June 26, the peso had touched a low of 58.86 to the US dollar. This was near the local currency's historic low of 59 to the dollar, which was reached on Oct. 3, 2022. 

The peso had started depreciating against the dollar in April along with other currencies, as the US Federal Reserve signaled a delay in expected rate cuts. After the release of disappointing US labor numbers which stoked fears of a recession, calls have grown louder for the Fed to ease rates.

At the start of the year, the peso was at 55.67 to the dollar. 

More details to follow.