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Peso regains ground; PSEi down for 2nd day

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Peso News

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THE peso reclaimed some ground but remained mired in P58:$1 territory on Tuesday, while the stock market fell for a second straight day to again near the 6,300 support level.

The currency, which hit an over 19-month low of P58.79 a day earlier, strengthened by 11 centavos to P58.68 against the greenback.Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso rose after latest trade data showed that exports and imports had rebounded in April after contracting a month earlier.It opened trading at P58.74:$1 and ranged from P58.66 to P58.745. Volume reached P1.050 billion, surging from Monday's P605 million.

research and engagement officer Mikhael Plopenio said the PSEi fell as 'investors digested the International Monetary Fund's downward revision of its projection for the Philippines' economic growth for this year ....''The IMF's new forecast was at 6.0 percent, lower than its 6.2 percent previous forecast,' he noted.Meanwhile, Regina Capital Development Corp.

 

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