The peso broke through the P47: $1 psychological barrier in Tuesday morning trade before closing back at the P46 level, with the market buffeted by speculation that the dollar may rally soon on an impending US Federal Reserve key rate hike.

The Philippine currency finished Tuesday’s trade at P46.93, paring the day’s loss down to 1 centavo. The volume of transactions on the Philippine Dealing System rose to $623.6 million from $569.33 million the previous day.

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