ANGIE REYES-PEXELS

THE PESO appreciated against the dollar on Monday on expectations that Philippine headline inflation slowed in February.

The local unit closed at P57.90 per dollar on Monday, strengthening by 9.5 centavos from its P57.995 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened slightly stronger at P57.98 against the dollar, which was also its worst showing. Its intraday best was at P57.888 versus the greenback.

Dollars exchanged went down to $1.06 billion from $1.196 billion on Friday.

The peso strengthened as inflation likely eased last month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

A BusinessWorld poll of 18 analysts yielded a median estimate of 2.6% for the February consumer price index (CPI), within the central bank’s 2.3% to 3% estimate for the month.

If realized, this would be slower than the 2.9% recorded in January and the 3.4% seen in the same month a year ago.

This would also be the lowest print in four months or since the 2.3% recorded in October.

The Philippine Statistics Authority will release February CPI data on March 5 (Wednesday).

“The dollar-peso was rangebound amid increased geopolitical risks with the recent meeting between US President Trump and Ukraine President Zelensky,” a trader said in a phone interview.

For Tuesday, the trader expects the peso to move between P57.80 and P58.20 per dollar, while Mr. Ricafort sees it ranging from P57.80 and P58.

Ukraine’s Volodymyr Zelensky said on Sunday he believed he could salvage his relationship with US President Donald J. Trump after their explosive meeting in the Oval Office, but that talks needed to continue behind closed doors, Reuters reported.

Mr. Zelensky reiterated that Ukraine would not concede any territory to Russia as part of a peace deal. He said he was still willing to sign a minerals deal with the US and described a discussion on Sunday with European leaders to send a draft peace plan to the US as a key development.

In an extraordinary meeting that was broadcast live on Friday, Mr. Trump accused Mr. Zelensky of being ungrateful for US aid, of showing disrespect to his country and of risking World War III, casting into doubt Washington’s ongoing support for Ukraine in its three-year-long war with Russia.

Mr. Zelensky spoke to reporters at a London airport after a summit with European leaders in London on Sunday. While he seemed in good spirits and thanked European countries for their support, the Ukrainian leader was careful to balance his dismay with the events of Friday’s Oval Office meeting with a clear desire to keep talking with Washington.

Mr. Zelensky said he did not think the US would stop its assistance to Ukraine, because as “leaders of the civilized world” they would not want to help Russian President Vladimir Putin.

But he said he remained prepared for any outcome. — Aaron Michael C. Sy with Reuters