The Philippine peso that weakened against the dollar in early Tuesday Asian trading reversed direction after hitting a 4-day low of 48.0750 at 10:35 pm ET. Currently, the peso is trading at a 7-week high of 47.74 against the dollar, compared to Monday's close of 47.8050. If the Philippine currency strengthens further, it may likely target the 47.50 level.

In economic news, the Philippines consumer price annual inflation slowed to 6.4% in March from 7.3% recorded in February. It thus matched the level seen in the same month of the previous year. On a monthly basis, consumer prices inched up 0.1% after rising 0.5% in February.

Easing inflation is expected to force the central bank to lower its key interest rate further. In March, the Bangko Sentral ng Pilipinas slashed the reverse repo rate by a quarter point to 4.75%.

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