Asian currencies rose on Tuesday amid a general dollar weakness, as upbeat US earnings and the reversal of UK’s controversial fiscal plans boosted investors’ risk appetite. Still, analysts warned against betting for further dollar declines as the US Federal Reserve is expected to keep raising interest rates aggressively until inflation recedes. The South Korean won led the gains, rising as much as 1% to its highest in a week. The Indonesian rupiah also rebounded slightly from 2-½-year lows as a Reuters poll showed that most analysts expected Bank Indonesia to deliver a second straight 50 basis point rate hike on Thursday to catch up with global peers and combat inflation. The Singaporean dollar, Philippine peso and Malaysian Ringgit also posted notable gains.
