The peso regained more ground on Thursday even as the stock market extended a decline to a third day.
The currency, which returned to an all-time low of P59 to the dollar on Tuesday, strengthened by 3.9 centavos to close at P58.671.It opened at P58.7:$1 and ranged from P58.61 to P58.78. Volume rose to P1.456 billion from P1.379 billion.Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso gained as the dollar dropped on news that the US Federal Reserve's favored inflation indicator was within expectations in October.
research manager Japhet Tantiangco said 'the local market continued with its decline as investors remain concerned regarding President-elect Donald Trump's tariff threats.''Adding to the worries is the uncertainty on the Federal Reserve's policy easing pace amid the uncertainties on the US economy,' he added.'The exit of foreign funds also weighed on the local bourse,' he continued, noting that 'net foreign selling for the day amounted to P1.17 billion.
Recovers Bit But Psei Down Anew
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