The peso rebounded from Tuesday's historic low against the dollar on Wednesday.

The peso closed at P58.69 against the dollar after reaching a new intraday low of P59.26 in the morning. The Philippine currency ended at an all-time low of P59.13 on the previous day.

Volume rose in the afternoon to $1.202 billion from $810.2 million in the morning as the peso traded at P58.82, resulting in a lower close for the day.

The Bangko Sentral ng Pilipinas said on Tuesday the peso'' continues to be supported by resilient remittance inflows, still relatively fast economic growth, low inflation and ongoing structural reforms.'' DMS