The peso rose further against the dollar on Wednesday even as the stock market edged down for a second day in a row.
The currency strengthened by 35 centavos to P58.23:$1, its highest close in more than a month after returning to a record low of P59:$1 in November.It opened at P58.485:$1 and ranged from P58.23 to P58.5. Volume rose to P1.717 billion from P1.323 billion.Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the peso's strengthening to a seasonal increase in overseas Filipino workers' dollar remittances that were converted to pesos for Christmas holiday spending.
'Investors also digested the Philippines' latest national government debt data which reached a new record,' he added.The Bureau of Treasury reported on Tuesday that the national government's outstanding debt reached a new record high of P16.02 trillion in October.Net value turnover for the day was P5.16 billion, lower than the year-to-date average of P5.18 billion.'Foreigners were still net sellers with net outflows at P537.32 million,' Tantiangco said.
Up 35 Centavos Psei Slips Anew
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