SINGAPORE, June 13 — Most Asian emerging currencies moved only marginally today, as traders awaited a Federal Reserve meeting that is expected to raise the US benchmark interest rate and signal the pace of further hikes in 2017.

The biggest mover was the Thai baht, which strengthened 0.3 per cent to a near two-year high.

Traders and analysts throughout the region were looking for key information after the two-day Fed meeting that begins later tomorrow. It has raised rates once so far this year, in March.

“We are looking at three rate hikes this year, but investors are not fully priced in for the third one,” said Irene Cheung, ANZ's senior FX strategist for Asia.

The Fed is scheduled to release its decision at 1800 GMT tomorrow. It is widely expected to raise its benchmark due to a tightening labour market and may provide detail on its plans to shrink the bond portfolio it amassed to nurse the US economicrecovery.

Today, the Singapore dollar edged 0.07 per cent higher. Data out earlier in the day showed that first-quarter final unemployment in Singapore was 2.2 per cent, versus the preliminary 2.3 per cent.

The Malaysian ringgit was 0.15 per cent higher after a long weekend. Analysts said they believed inflows were keeping it buoyant.

The continuing selloff in tech stocks in the US kept the Taiwan dollar and South Korean won under pressure, analysts said.

The Taiwan dollar, which has fallen the past five sessions, was down 0.1 per cent to its lowest in nearly three weeks.

The South Korean won declined as much as 0.3 per cent and hit its lowest in nearly four weeks.

Some traders in South Korea were surprised by comments yesterday by central bank governor Lee Ju-yeol they saw as indicating that monetary policy could be tightened.

But today, Lee clarified that his comment on rate adjustment was not a sign that policy might be tightened soon, and that rates would remain “accommodative.”

Thai baht

The baht rose to near two-year highs, buoyed by strong current account surplus and portfolio inflows.

Data yesterday also showed that international tourist arrivals in Thailand rose 4.6 per cent in May from a year earlier, with revenue up 6.9 per cent.

Tourism accounts for 12 per cent of South-east Asia's second-largest economy. — Reuters