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The peso's rebound two days ago proved to be temporary as it again dropped in value against the US dollar during trading yesterday.
Currency dealers said the market's bullish sentiments were dampened by questions on the legality of Gloria Macapagal-Arroyo's presidency and news that supporters of ousted president Joseph Estrada may back a military uprising against the new administration.
At the Philippine Dealing System (PDS), the country's electronic currencies exchange, the peso averaged P49.750 to the dollar, posting a decline of 3.2% from Monday's trading average of P48.207.
"On Monday the market reacted to the political developments over the weekend so the peso touched a high of P46 to the dollar, but it was not sustained. At …