SINGAPORE: Most emerging Asian currencies fell on Wednesday as the yen hit a seven-year low, while Indonesia's rupiah edged up after the central bank raised interest rates to stem inflationary pressures from a government decision to raise fuel prices.
Regional units came under further pressure amid caution ahead of minutes of the US Federal Reserve's latest policy review due later in the day.
The South Korean won hit a 14-month low, underperforming other emerging Asian currencies, with the country's finance minister reiterating concerns over the sliding yen.
Singapore's dollar fell as much as 0.4 percent to 1.3033 per the US dollar, its weakest since December 2011.
The Malaysian ringgit slid to 3.3600 against the greenback, its weakest since May 2010. The currency pared some of its losses on demand from oil exporters and caution over potential intervention by the central bank to support it.
Weaker regional currencies forced the rupiah to give up most of earlier gains after hitting a two-week high.
Bank Indonesia on Tuesday hiked its benchmark interest rate at an extraordinary meeting to curb inflationary pressure from President Joko Widodo's fuel price hike.
The central bank's decision was also seen as a move to support the currency ahead of a potential rate hike by the Fed next year.
The yen lost ground after Japanese Prime Minister Shinzo Abe on Tuesday decided to postpone a sales tax increase.
Bank of Japan Governor Haruhiko Kuroda on Wednesday avoided criticising the decision in a press conference after the central bank kept monetary settings and its upbeat economic view unchanged.
Investors were awaiting the Fed's minutes, which some traders expect to sound relatively hawkish.
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