SINGAPORE—The Philippine peso fell to its lowest in three weeks, leading losses in Asian currencies, on speculation overseas investors are selling local assets to convert their holdings into the dollar.

The peso was the region’s worst performer as global funds reduced holdings of local stocks for a 12th day.

The peso “is basically driven mostly by offshore players, probably buying up the dollar,” said Rafael Algarra, a treasurer at Security Bank Corp. in Manila. “I would think this is mostly trading-related, not demand-related.”

The currency declined 0.8 percent to 44.65 per dollar as of the 4 p.m. close in Manila, according to the Bankers Association of the Philippines.

Overseas investors sold more Philippine stocks than they bought on each of the past 12 trading days, according to stock-exchange data, the longest stretch since January. The Dollar index traded on ICE Futures in New York reached the highest since February 12 on speculation a decline in commodity prices will support US economic growth and boost the demand for dollars. (Bloomberg)

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