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Peso climbs further against the dollar on better-than-expected data

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THE PESO strengthened further versus the greenback on Tuesday after inflation slightly eased in September.

The local unit closed at P50.65 per dollar on Tuesday, appreciating by five centavos from its P50.70 finish on Monday, based on data from the Bankers Association of the Philippines.

The peso opened Tuesday’s session at P50.82 per dollar, which was also its weakest showing. Meanwhile, its intraday best was at P50.625 versus the greenback.

Dollars exchanged rose to $1.019 billion on Tuesday from the $857.54 million recorded on Monday.

The peso appreciated from its Monday finish on the back of positive market sentiment as inflation was slower than expected in September, a trader said.

Headline inflation stood at 4.8% in September, slowing from the 4.9% logged in August but faster than the 2.3% print recorded in the same month last year, the Philippine Statistics Authority reported on Tuesday.

The latest figure…

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