SINGAPORE: The won hit a near one-month high on Thursday, leading gains among emerging Asian currencies, as investors covered short positions after a widely expected interest rate cut by South Korea's central bank.
The South Korean unit advanced as much as 0.8 percent to 1,020.7 per dollar, its strongest since July 15, as the central bank governor provided few signals on further easing after the cut.
Long positions in the won increased in the last two weeks, a Reuters poll showed earlier.
The Philippine peso ended the local trade up 0.7 percent as Manila shares rose to their highest in more than a year. Offshore funds bought it in non-deliverable forwards markets.
Regional units broadly rose on expectations of continuous monetary policy stimulus from major central banks. The Malaysian ringgit and the Thai baht advanced on demand from offshore funds.
The Indonesian rupiah edged up, but underperformed most regional peers as the central bank reported a larger-than-expected current account deficit in the second quarter.
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