The peso weakened 0.22 percent to a third consecutive record-low close of P62.40 per US dollar on Tuesday, surpassing Friday’s record-low close of P62.265, while the Philippine Stock Exchange Index (PSEi) rebounded 2.31 percent to 6,093.89 as investors hunted for bargains and took comfort from stronger domestic manufacturing data.

With no trading on Monday due to National Heroes Day, the peso weakened from Friday’s P62.265 close. It opened at P62.25 and fell to as low as P62.40, according to Bankers Association of the Philippines data.

Renewed US-Iran tensions and higher oil prices continued to weigh on the currency. Brent crude rose to around $91 a barrel as concerns over disruptions through the Strait of Hormuz returned. A stronger US dollar and elevated US rate expectations also added pressure.

The Philippines’ status as a net energy importer leaves the peso particularly vulnerable to higher oil prices, which increase dollar demand for fuel imports. Meanwhile, markets have raised expectations of another US Federal Reserve rate hike, further supporting the dollar.

The currency’s weakness contrasted with improving domestic economic indicators. The S&P Global Philippines Manufacturing PMI jumped to 54.9 in August from 51.8 in July, its strongest reading since December 2016. Output and new orders accelerated, while export orders returned to growth after six months of contraction, fueling investor sentiment in the local equity market.

The PSEi’s rebound followed four consecutive sessions of losses. Trading value reached P8.24 billion, although foreign investors remained net sellers, with P92.52 million in outflows.

Services led the advance, gaining 5.45 percent, while financials rose 3.27 percent. Holding firms and property also edged higher. Mining and Oil fell 1.20 percent, while industrials declined 1.10 percent.

DigiPlus Interactive Corp. was the strongest index performer, surging 7.91 percent to P10.78. JG Summit Holdings, meanwhile, fell 5.88 percent to P20, making it the biggest index laggard.