Peso keeps gaining; PSEi surges to 6,600

By The Manila Times

Jul 12, 2024 12:24 am

THE peso rose for the fourth straight day against the dollar and the stock market also surged to the 6,600 level, tracking a global rally prompted by renewed optimism over the likelihood of Federal Reserve rate cuts.

The currency edged up by one and a half centavos to P58.305:$1, still its best close in over a month, while the benchmark Philippine Stock Exchange index (PSEi) added 119.89 points, or 1.85 percent, to end Thursday at 6,609.24 for a return to a level not seen since late May.

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