Peso drops to P58.86:$1; stock market up anew

THE peso fell to its lowest in just over 20 months on Wednesday, but the stock market rose for a third straight day ahead of today's Bangko Sentral ng Pilipinas policy meeting.The currency weakened by 9 centavos to P58.86 to the dollar, short of the P58.87:$1 close posted on Oct. 24, 2022.It opened trading at P58.82:$1 and ranged from P58.77 to P58.88. Volume hit P720 million, slightly lower than the P814 million recorded in the previous session.

''oreigners remained as net buyers with net inflows amounting to P60.72 million,' he added.'Many are still cautious ahead of the Bangko Sentral ng Pilipinas' policy meeting this Thursday,' Plopenio continued.Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said 'local shares closed slightly above the 6,300 level as bargain hunting continued before the semester end.

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