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The Philippine peso and Thai baht hit their highest levels in two months against the dollar on Tuesday as the US currency fell broadly in anticipation the Federal Reserve will cut rates to near zero to buffer an economy in recession.

The Philippine peso was one of the biggest gainers as it firmed 0.7 percent to hit as high as P47.31 to the US dollar, the strongest level since mid-October, as the country swung to a surplus in its balance of payments in November. It closed at P47.40 Tuesday.