Emerging markets - Philippine peso declined 0.2% to hit a record low as Asian currencies weaken ahead of Fed meet

MANILA, Sept 20 (Reuters): Most Asian currencies were subdued on Tuesday as investors braced for a hefty U.S. Federal Reserve interest rate hike this week to combat inflation, while regional equities rose after catching the tailwind from a bounce on Wall Street.

The Philippine peso declined 0.2% to hit a record low and Malaysia's ringgit hit a 24-1/2-year low, while South Korean won bucked the somber regional trend to strengthen 0.3% as the currency, described by some analysts as equity-sensitive, gained on a rebound in Asian share markets.