Peso falls as investors seek safe havens

The peso closed at the day’s low of P47.50 per dollar, thirty-eight centavos weaker than Friday’s P47.12 finish. Volume of transacted dollars rose to $865 million from $742.68 million.

It opened at P47.25 and reached a high of P47.18 during the morning trading session before it plummeted to the day’s close.

“The planned stimulus package raised investor confidence in the US, with the hope this would improve their economy,” a currency trader from a local bank said.

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