The Philippine peso fell the most among subdued Asian currencies, down 0.6%, as investors awaited the US Federal Reserve’s interest rate decision. While most Asian currencies were flat, the peso was on track to snap a five-day rally. The Bangko Sentral ng Pilipinas is expected to hike rates by 25 basis points (bps) on Thursday. Thailand’s baht inched higher after depreciating in the earlier part of the session. Thailand is expected to hold elections in mid-May, with the polls shaping up to be a battle between a pro-military conservative grouping against the largest opposition party. The Singapore dollar and Malaysian ringgit were flat, while the South Korean won gained 0.3%. Globally, traders are focussed on whether the Fed will keep to its hawkish path to fight soaring inflation or pause interest rate hikes.