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Malaysian ringgit leads regional rally

Malaysia's ringgit led a rally in Asian currencies on optimism the central bank will allow faster gains to tackle inflation after oil prices climbed to a record. The Philippine peso fell after an explosion at a shopping mall.

The ringgit rounded out a sixth weekly advance, closing at its strongest since November 1997. Higher oil prices added to speculation the Federal Reserve will cut borrowing costs this month to help avoid a recession amid the worst housing slump in 16 years.

The ringgit rose 0.2 percent this week to 3.36 per US dollar in Kuala Lumpur, data compiled by Bloomberg show. The currency has risen 2.7 percent over the past month.

The Philippine peso declined, ending a two-day rally, after at least eight people were killed and as many as 70 hospitalized in the capital Manila when an explosion rocked a shopping mall.

The currency slid 0.4 percent to end the week at 44.23 per dollar, according to Tullett Prebon Plc, the world's second- largest inter-dealer broker.

The New Taiwan dollar gained for a second day on Friday after stock exchange data showed overseas investors bought NT$2.1 billion (US$65 million) more local equities than they sold on Thursday.

The currency gained 0.1 percent to NT$32.572 against the U.S. dollar, Taipei Forex Inc said. It was little changed for the week.

South Korea's won rose for the week on speculation lower US interest rates will increase the yield advantage for holding the nation's assets.

The won strengthened 0.3 percent in the five days to 915.80 against the US dollar, according to Seoul Money Brokerage Services Ltd.

Indonesia's rupiah rose 0.1 percent to 9,089, cutting a loss for the week to 0.3 percent, according to data compiled by Bloomberg. Global funds have bought more Indonesian stocks than they sold every week since Sept. 21.

Elsewhere, the Thai baht was unchanged at 34.17 onshore and the Vietnamese dong was at 16,085.50 per dollar.
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