Emerging Markets-Singapore stocks hit record high on AI-backed growth update; oil weighs on FX

Tech-heavy benchmarks gained on the day, with bellwether South Korea's KOSPI .KS11 adding 0.7% and Taiwan .TWII closing 0.4% higher.

Elsewhere, most Southeast Asian currencies weakened as oil prices hovered near one-week highs after fading hopes of a U.S.-Iran agreement stoked concerns over energy costs for the region's net importers. O/R

The Philippine peso PHP= dropped as much as 0.9% to 61.243 a dollar, the Thai baht THB=TH weakened 0.5%, and the Malaysian ringgit MYR= slipped 0.1%.

The Indonesian rupiah IDR= lost as much as 0.6% to 17,850 per dollar, nearly wiping out the gains secured in the previous session after insider Destry Damayanti was nominated as the sole candidate for central bank chief, easing some concerns over Bank Indonesia's independence.