SINGAPORE -- The Philippine peso and South Korean won rose Thursday on softer oil prices, but the Singapore dollar fell after the country's lower-than-expected inflation reduced the possibility of further policy tightening.

The Philippine peso gained 0.4 percent to P43.83 per dollar in morning trade, strengthening past the P44 level for the first time since June 4.

"It's driven by oil. Plus there was comment from the central bank concerning inflation," said a Manila-based trader, who expected the peso to face near-term resistance at 32.70.

The Philippine central bank raised interest rates by a hefty 0.5 percentage points last Thursday to rein in inflation, which hit a 14-year high of 11.4 percent in June.

Central bank chief Amando Tetangco signaled on Wednesday that the bank would keep raising borrowing costs to curb price rises.

The peso has gained 2.7 percent since the latest rate rise, but it remains a laggard in the region with a loss of nearly 6.0 percent against the dollar so far this year.

Oil prices steadied around $124.5 per barrel Thursday, down nearly $23 from its record high hit earlier this month and hitting a seven-week low. Lower oil prices are good news for the Philippines, which covers almost all of its fuel demand with imports.

South Korea is also heavily dependent on oil imports and the won also gained, hitting as high as 1,006.9 per dollar, up almost 0.7 percent from Wednesday's domestic close of 1,013.8.

Meanwhile, the Singapore dollar fell to 1.3650 per US dollar, down 0.4 percent from late Asian trade on Wednesday, as investors expected the central bank to refrain from tightening policy further when it reviews its stance in October.

Singapore's annual inflation held at 7.5 percent in June, the same pace as in May and April and a 26-year high, but still lower than the market had expected.

The US dollar hit a one-month high against the yen buoyed by the drop in oil prices, signs of improved confidence in the US financial sector and remarks by Philadelphia Federal Reserve president Charles Plosser that interest rates should rise sooner rather than later.

"With market attention focusing on the prospects of a Fed rate hike, following more hawkish rhetoric from Plosser again, we see the US dollar supported at 1.3585, and immediate resistance at 1.3660, followed by 1.3700," said Emmanuel Ng, currency strategist at OCBC Bank.