 "Emerging Asia currencies struggle as Fed move looms")
Asian share markets were mixed as investors awaited the release later in the day of minutes from the Fed's July policy meeting.
They are anxious to see if higher US interest rates are in the offing, which would lessen the appeal of emerging markets for investors.
In the afternoon Mumbai's Sensex share index was up 0.67% after losing almost six% in the previous three days, while Jakarta was up 1.43%, capping a four-day losing streak that saw it shed more than 11%. However, Bangkok slipped 0.44%.
Among Asia's major stock markets Tokyo edged up 0.21%, or 27.95 points, to 13,424.33, Sydney ended up 0.43%, or 21.8 points, at 5,100 while Seoul closed 1.08%, or 20.39 points, lower at 1,867.46.
Shanghai was virtually unchanged, adding 0.37 points to 2,072.96. Hong Kong slipped 0.69%, or 152.56 points, to 21,817.73
Manila was closed for a public holiday, while Taipei was hut due to the approach of Tropical Storm Trami.
Wellington shares rose 0.96%, or 43.15 points, to close at 4,551.51. Fletcher Building surged 6.21% to NZUSD8.72 after posting a 76% rise in annual net profit.
Analysts will read the Fed minutes closely for an idea of the board's plans for its bond-buying programme, known as quantitative easing (QE).
With the US economy showing increasing signs of strength, many analysts say the bank will start cutting down on the USD85-billion-a-month scheme next month.
Expectations of such a move have seen foreign investors in recent months repatriate some of the vast sums that poured into emerging economies when QE was unveiled in September 2012, in turn hitting currencies and equities.
The growing crisis has increased pressure on central banks to raise interest rates to support their currencies. However, such a move could be counterproductive to already struggling nations such as India, where the economy is hobbled by weakening growth as well as a huge current account deficit.
In forex trade the rupee sank to a record low of 64.1 to the dollar yesterday but clawed back slightly today, strengthening to 63.65 in the afternoon.
The unit is Asia's worst performing currency this year, losing about a fifth of its value against the dollar in the past three months, with fears over the Fed's stimulus adding to a severe slowdown in India.
However, the Indonesian rupiah weakened to 10,680 against the dollar -- its lowest point since mid-2009 -- from 10,495 yesterday, while Thailand's baht sat around a one-year low of 31.77, from 31.69.
Against other major currencies the dollar bought 97.52 yen, compared with 97.32 yen in New York yesterday, while the euro fetched $1.3398 and 130.60 yen, against $1.3420 and 130.60 yen.
The European unit broke USD1.34 in New York for the first time since January after US Treasury yields fell to 2.81% from a two-year high of 2.88% reached Monday, as bond prices perked up after sinking for more than three months. Bond prices move inversely to yields.
On Wall Street, shares ended mixed despite some upbeat earnings from retailers. The Dow edged slightly lower, while the S&P 500 gained 0.38% and the Nasdaq rose 0.68%.
On oil markets New York's main contract, West Texas Intermediate for delivery in October, was down 51 cents at USD 104.60. Brent North Sea crude for October slipped 65 cents to USD 109.50.
Gold fetched USD 1,363.76 at 0840 GMT from USD 1,359.48 yesterday.