The Philippine peso continued its losing streak for the seventh straight trading day on Friday, dipping to its lowest level in 17 months, as hawkish signals from the Federal Reserve supported the dollar’s strength while escalating tensions in the Middle East compelled investors to shy away from the local unit.The local currency shed 46 centavos to close at P57.65:$1 from Thursday’s finish of P57.19:$1. This is the peso’s weakest level since it closed at P57.375:$1 on November 22, 2022.
“Overall, with the current backdrop of heightened inflation and geopolitical tensions, the US dollar is expected to continue to rally,” Roces said, adding that “much will depend on developments in the Middle East, which seems to be the main catalyst.”Rizal Commercial Banking Corp.