THE peso continued to gain against the dollar on Monday but the stock market fell anew with investors said to have been spooked by rate hike fears and PLDT's announcement of a multibillion-peso "budget overrun."
The peso strengthened by 15 centavos to P55.41:$1, a development Rizal Commercial Banking Corp. chief economist Michael Ricafort said came "ahead of the seasonal increase in OFW (overseas Filipino worker) remittances and conversion to pesos, with less than a week to go before Christmas, to fund increased holiday-spending."
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