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Dollar sell-off buoys peso

The Philippine peso registered slight gains against its US counterpart on Monday, following a dollar-sell off ahead of the release of American inflation data this week.

The local currency gained 4 centavos to close Monday at P51.205:$1 from 51.245 on Friday.

"We're still seeing a lot of selling interest from offshore players and it's causing a ripple effect on the spot market," a foreign exchange trader from a local bank said.

The US is scheduled to release its October inflation data on Wednesday.

The trader noted thin volume was traded on Monday, given the holiday in the National Capital Region due to the ongoing 31st ASEAN Summit and Related Meetings. — Jon Viktor Cabuenas/VDS, GMA News