Dubai: As geopolitical tensions ease, Asian currencies were rising on Thursday, with the Philippine peso leading gains among other peer currencies like the Indian rupee, Pakistani rupee, the Malaysian ringgit, Taiwan dollar and the South Korean won.
Alongside others, the peso too rose versus the US dollar and the UAE dirham, as some developments in the Ukrainian border brought relief to investors and amid gains in the local stock market. Check the latest forex rates here.
The currency strengthened to Php51.32 on Thursday. This was a day after closing at Php51.4 per dollar on Wednesday, stabilising by 8 centavos, data from the Bankers Association of the Philippines showed.
The Philippine peso rose more than 0.2 per cent on Thursday, to mark its best session in more than a week, ahead of a central bank meeting later in the day which is expected to maintain record low interest rates.
The US Federal Reserve said on Tuesday that while it will begin raising interest rates to combat inflation, it will decide the pace of hiking at each meeting, thereby driving investors to riskier assets even as tensions between Russia and Ukraine still proved to be a pain point.