SINGAPORE -- Most Asian currencies rose Wednesday, led by the Philippine peso, as falling oil prices eased concerns about inflation and offset the strength of a broadly firmer US dollar.

The Philippine peso briefly hit P44 per dollar, up just over 1.0 percent from Tuesday's close, as oil prices fell below $128 a barrel, down almost $20 from a record high hit earlier this month, on concerns of waning US demand.

The Indonesian rupiah rose as high as 9,128 per dollar, up a quarter of a percent.

"I think it's partly due to lower oil price and we have debt paper auction today which will likely drag further (fund) inflows to the spot market," said a trader in Jakarta.

Made Sukada, director of monetary policy research at Bank Indonesia, told Reuters Tuesday that a sustained balance of payments surplus in the country would support the rupiah and help contain inflation.

The Indian rupee rose as far as 42.395 per dollar, up almost 0.8 percent from Tuesday's close, after the ruling coalition won a confidence vote, which should help the government push stalled reforms.

The coalition won the vote late Tuesday with the help of regional parties, after it lost the support of its communist allies in protest at a nuclear energy deal with the United States.

"With crude oil prices lower overnight and the government's win, dollar/rupee is likely to remain offered despite the dollar's rebound overnight," said Thio Chin Loo, currency strategist at BNP Paribas.

"A break below 42.50 per dollar is needed to provide more thrust to the rupee towards 42.10."

The Malaysian ringgit was little changed near 3.2420 per dollar and the Singapore dollar fell as far as 1.3585, down almost 0.6 percent from late Asian trade Tuesday.

A trader said some investors sold the Singapore dollar to cover short positions on the US dollar.

"The US dollar is generally higher against major currencies," said the trader.

Singapore and Malaysia are due to issue inflation data later in the day. Malaysia's headline number is expected to be highest in more than 26 years after a rise in fuel prices, but analysts are split if that would prompt a rate rise.

Singapore's inflation is seen accelerating to its highest level in more than 26 years in June as food and fuel prices soar, but economists expect inflationary pressures to ease in the second half of the year.