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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Peso touches P58.80 to the dollar; stock market rally also snappedTHE peso closed at an over 19-month low on Monday as a strong US jobs report drove the dollar higher, and the stock market also fell, with investors said to have taken profits following last week's three-day recovery.
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Peso strengthens, still at P58:$1; stock market climbs to 6,500THE peso regained some ground on Thursday and the stock market also climbed back to the 6,500 level with investors said to have continued digesting lower-than-expected May inflation.
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