Emerging Markets-Philippine assets remain weak after rate hike; Asian stocks gain on Nvidia beat

The South Korean won KRW= traded steady at 1,381.33 per dollar after Bank of Korea lifted its benchmark interest rate to 3.00% earlier in the session, along with raising its 2026 economic growth forecast. The central bank's hawkish stance along with strong export-led economic growth has helped the won fare better than Asian peers versus the dollar, gaining 4.3% so far this year.

The Taiwan dollar TWD=TP, also driven by chip exports, strengthened to 31.719 a dollar, near its strongest level since late June.

Other emerging market currencies were weaker as the U.S. dollar strengthened overnight following inflation and other economic indicators that raised expectations for a Federal Reserve rate hike ahead of a Jackson Hole meeting of central bankers later in the day.

South Korean stocks .KS11 rose 1.5%, and Taiwan equities ended 0.3% higher. Both benchmarks posted a three-session win streak after Nvidia reported quarterly revenue that more than doubled and forecast third-quarter revenue above Wall Street estimates.