The currency closed at P58.52 against the dollar from P58.611 a day earlier, while the benchmark Philippine Stock Exchange index added 8.90 points, or 0.14 percent, to close at 6,518.76.The broader All Shares index also rose by 0.06 percent, or 2.14 points, to 3,491.93.Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said that the peso strengthened after the dollar remained weak against major global currencies.Trading opened at P58.555:$1 and ranged from P58.49 to P58.59.
research associate Claire Alviar, meanwhile, said the PSEi rose due to 'heightened expectations of a possible rate cut by the Bangko Sentral ng Pilipinas in the early part of the second half of the year following the latest inflation data, which fell within the government's target range of 2-4 percent.'Luis Limlingan, managing director at Regina Capital Development Corp., said 'Philippine equities ended the day relatively unchanged, echoing the muted movement of the US market.
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