Peso ends 10-day rally, tracks Singapore dollar

The peso snapped its 10-day winning streak against the dollar on Wednesday as it mirrored the weakness of the Singapore dollar.

A dollar fetched P44.085, 2.5 centavos higher from the P44.06:$1 finish on Tuesday.

The peso's depreciation was on the back of the weaker Singapore dollar, which pulled most Asian currencies lower, Security Bank Corp. trader Jennie Cao-Melon told GMA News Online.

The peso's movement was against the depreciation of the US dollar overnight.

The dollar retreated after an unexpected decline in US durable goods orders and on speculation the Federal Reserve might hold off on raising interest rates for longer than expected, Reuters reported.

There was also some dollar demand from oil importers in the morning trade, propping the greenback, Cao-Melon noted.

Moving forward, investors will watch out for Fed's announcement due Wednesday (Thursday, PHL time) after its two-day meeting, the trader said. —KBK, GMA News