Peso rises to P55:$1 level; stocks remain above 7,000

The currency strengthened by 20 and a half centavos to P55.995 against the dollar while the benchmark Philippine Stock Exchange index shed 1.82 points, or 0.03 percent, to end the trading week at 7,022.85.The broader All Shares edged down 3.02 points, or 0.08 percent, to 3,788.63.The peso opened at P56.05:$1 and ranged from P55.94 to P56.1. Volume fell to P1.497 billion from P1.695 billion a day earlier.Rizal Commercial Banking Corp.

''Investors booked gains from the market's rise yesterday . On a positive note, the market was able to hold its position above the 7,000 level,' he added.Regina Capital Development Corp. Managing Director Luis Limlingan, for his part, said 'Philippine shares wrapped up the day pretty much flat as everyone's holding their breath ahead of the Fed's interest rate call.

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