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BusinessWorld August 4, 2021 | 9:00 pm BW FILE PHOTO THE PESO retreated versus the greenback on Wednesday due to risk-off sentiment as the government lowered its target for the agriculture sector’s growth. The local unit closed at P49.75 per dollar, weaker by 14 centavos from its P49.61 close on Tuesday, based on data from the Bankers Association of the Philippines. The peso opened Wednesday’s session at P49.85 per dollar, which was also its weakest showing for the day. Meanwhile, its intraday best was at P49.59 versus the greenback. Dollars exchanged slipped to $1.041 billion on Wednesday from the $1.098 billion recorded on Tuesday. The revision of the growth target for the agriculture sector and its resulting impact on the economy caused risk-off sentiment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

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