Emerging Market currencies rallied on Wednesday after Federal Reserve chief Janet Yellen reaffirmed a soft stance on monetary policy due to concerns about the global economy. The US dollar extended its losses in Asia as a result.
Yellen said US interest rates are unlikely to rise before June and that when the central bank does tighten policy, it will be at a slow and gradual pace.
The Australian dollar jumped 1.4 per cent, the South Korean won 0.84 per cent, and Malaysian ringgit 0.67 per cent after Yellen's comments.
The Indonesian rupiah and Philippine peso also gained significant margins.
Read more at The China Post.