Peso back at P56:$1; stock market also up

THE peso returned to the P56:$1 level on Tuesday and the stock market also rose amid improved sentiment ahead of Thursday's Bangko Sentral ng Pilipinas policy meeting.The currency strengthened by 35.6 centavos to P56.96 against the dollar, its strongest close since April 15's P56.808:$1, while the benchmark Philippine Stock Exchange index added 37.08 points, or 0.56 percent, to 6,650.44.The broader All Shares index also rose, by 11.46 points or 0.32 percent, to 3,610.00.

chief economist Michael Ricafort said that a decreased likelihood of a policy rate cut, following higher-than-expected inflation, had bolstered the peso.Philstocks Financial Inc. senior research analyst Japhet Tantiangco, meanwhile, tagged the peso's gain as having lifted the PSEi.'Investors' appreciation of Q2/1H corporate results also helped in bringing the market up,' he added.Regina Capital Development Corp.

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