The Peso P56 fell to $1, and the stock market also returned to the 6,500 region as concerns over the US debt ceiling. The currency weakened 29 and a half centavos to P56,065 against the dollar, with the benchmark Philippine Stock Exchange Index 55.73 points, or 0.84 percent, ending the day at 6,560.22. Broader stocks scored 28.57 points, or 0.81 percent, and settled at 3,496.79. Philstocks Financial Inc. "Given the ongoing concerns in the US, many investors were still in between with a net market cap turnover record of just P3.67 billion," said research fellow Claire Alviar. Said. On Wednesday, Fitch Ratings warned the US that the country could lose its "AAA" rating as the political squeeze on the debt ceiling continues. news for Manila Times' daily s by with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy. Juan Paolo Colet, managing director of China Bank Capital Corp, "dipped below the market's 6,600 support level as investors dropped stocks and brightened positions amid growing concerns about the US debt ceiling situation." "Investor concern has been aggravated by Fitch's move to place the US sovereign credit rating above 'rating hour negative,' meaning the country is at risk of losing its precious AAA rating if the US debt limit is not lifted," the official said. "Such a decline would circulate in global financial markets, similar to what happened after the S&P's U.S. debt plunge in 2011." The peso opened at P55.79 $1 and ranged from P55.74 to P56.11. The volume reached $1,637 trillion from the $890 million posted in the previous session. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the US Debt Ceiling Lockdown and uncertainty over the US Federal Reserve's next policy move weighed on the peso. "The US dollarpeso [rate] rose after global crude oil prices soared to three-week highs after Saudi Arabia's energy minister warned short sellers in the global crude oil market," he said. In the stock market, all sectors closed in the red and firms fell 1.22% the most. Mining and oil and services also fell 1.07%, decreasing 1.07%. P3.95 billion P3.82 million shares changed hands. The number of liberators remained unchanged from 113 to 53.59.