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Peso appreciates for 4th straight session on inflation data
By JON VIKTOR D. CABUENAS,GMA NewsThe Philippine peso appreciated against its US counterpart for the fourth consecutive trading day on Tuesday, following the positive economic data.
The local currency gained 9 centavos to close at P50.41:$1 from P50.5:$1 on Monday.
“The peso appreciated from market optimism following the softer Philippine reports for October 2019,” Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, said.
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Dumalagan also attributed the peso’s strength to recent remarks by US Commerce Secretary Wilburr Rose on the trade talks between the world’s two biggest economies.