ASIAN currencies and stocks rallied on Thursday (Jul 27), amid expectations that interest rates were close to their peak, after the US Federal Reserve hiked its target interest rate by another 25 basis points to between 5.25 per cent and 5.5 per cent.

Analysts now see Asian currencies rising against the US dollar, which fell after the Fed’s move.

The Federal Open Market Committee (FOMC) said on Wednesday it remained “highly attentive to inflation risks”, and would “continue to assess additional information and its implications for monetary policy”.