The peso strengthened to a seven-week high on Tuesday, tracking the movement of other regional currencies after the People’s Bank of China (PBOC) slashed its reserve requirement ratio (RRR).
The currency gained 19 centavos to close at P47.35 to $1 from its P47.54 finish on Monday. It was the strongest level of the local currency in seven weeks since the P47.27 level on January 11.
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