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The peso breached the 46 to $1 level yesterday, its highest for over two months, as the greenback weakened globally and investors returned to buying stocks, traders said.

The local currency rose to as high as 46.88 before retreating, but still gaining 50 centavos to close at 46.90 per dollar, the highest since Sept. 26.

“I think the market has moved into more risk-taking sentiment, thus we are seeing some peso appreciation,” a forex trader said.

“And equities rally due to the Fed rate cut,” he added.
forex speculators