MANILA — The Philippine peso on Tuesday, April 16, sank to its lowest level in 17 months as escalating tensions in the Middle East rattled investors who are already weary of tight financial conditions.
The local currency closed at 57 against the greenback, weaker than its previous closing of 56.808.
Data showed this was the peso’s worst performance since it hit 57.375 on Nov. 22, 2022.
READ: Peso back to ‘57 vs $1’ territory
The 57-level is a critical ceiling for the Bangko Sentral ng Pilipinas, which defended the peso when it touched that territory last year.
But so far, the local unit is trading within the revised forecast range of the Marcos administration.
The interagency Development Budget Coordination Committee (DBCC) now projects the peso to trade between 55 and 57 against the greenback this year, better than the previous assumption of between 55 and 58.