SINGAPORE: Most emerging Asian currencies rose on Friday as the European Central Bank's policy easing boosted hopes of increased capital flows to Asia, while also finding support from a strong yuan.
The Chinese currency advanced after the central bank raised the daily fixing for the renminbi by the largest percentage in a single day since early January.
Malaysia's ringgit gained on strong April trade data.
The Thai baht hit a near two-week high on demand from offshore funds.
The baht has risen 0.9 percent so far this week, outpacing emerging Asian currencies, as local stocks were headed for their best weekly gain since January on hopes over the upcoming economic reform plans by the military government.
The Philippine peso rose as interbank speculators added holdings in the currency amid firmer government bond prices.
On Thursday, the ECB cut interest rates to record lows, launched a series of steps to pump money into the sluggish euro zone economy, and pledged to do more, if needed, to prevent deflation.
Still, some emerging Asian currencies, such as the Indonesian rupiah , may lag behind peers due to a current account deficit and intervention by the foreign exchange authorities, analysts said.
Despite Friday's gain, the rupiah has fallen 1.3 percent so far this week, underperforming other emerging Asian currencies, according to Thomson Reuters data.
For the week, the Indian rupee has eased 0.1 percent with the central bank spotted intervening to stem further appreciation in the best-performing Asian currency so far this year.
The South Korean won also edged down on intervention.
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