SINGAPORE -- Most Asian currencies moved in tight ranges on Thursday, highlighting cautious sentiment even as regional stocks rose but the Philippine peso firmed as oil prices slid.

The downward trend in oil prices down more than $10 per barrel since Tuesday, offered some relief to Asian investors, concerned about growing inflationary pressures in oil-importing economies in the region.

But a sharp US dollar rebound, as oil prices slid to $134.60 per barrel on Wednesday and better-than-expected results from Wells Fargo & Co., capped gains in most regional currencies.

In the Philippines, a heavy oil importer, the peso rose 0.6 percent to 45.25 per dollar, lifted by expectations of an interest rate hike at the monetary policy meeting later in the day.

"The stronger peso is due to the drop in oil prices and anticipation of a monetary tightening by the Philippines' central bank," a trader in Manila said.

Analysts polled in a Reuters survey all said they expected at least an increase of 25 basis points in the main interest rate, presently at 5.25 percent.

Traders in Manila said despite these views, the peso would trade in a tight range and may hit an intraday high of 45.20.

Most of the other currencies were rangebound, such as the Indonesian rupiah. The rupiah inched up less than 0.1 percent above its previous closing levels despite gains in local stocks.

The MISC measure of equities in Asia excluding Japan rose 2.4 percent on Thursday.

However, the Singapore dollar bucked the trend and fell by 0.2 percent to 1.3483, after it hit a record high of 1.3453 on Tuesday. Traders in Singapore said the overall stronger US dollar had weighed on the local currency.

Markets in Thailand were closed for a one-day holiday.