The Philippine peso is Asia's best-performing currency this year, appreciating almost 16 percent against the dollar. While this helps the country pay off its debt, it also means difficulties for those Filipinos who rely on remittances from the eight million who work abroad. Many of the migrants are employed in dollar-based economies such as Hong Kong and the Persian Gulf states, and the dollars they send are buying fewer pesos once they reach home.

The European currency hit a new record high against the U.S. dollar Friday amid speculation of ongoing American credit crisis and a possible rate cut from Washington.

The dollar rose slightly against the yen in Asia Thursday as traders remained cautious on prospects for the U.S. economy.

The under-valuation of China's currency is at the center of Friday's meeting in Washington of finance ministers from seven industrial countries.

Many Asian currencies have risen against the U.S. dollar this year, making exports more expensive and their foreign exchange reserves less valuable. But economists say regional governments should not be too worried about the trend.

Buoyed by sustained FII inflows into the equity market, the rupee recovered partially against the US currency in morning trade on Thursday.

President Bush Thursday told Chinese Vice-Premier Wu Yi the United States will be closely watching to see if China allows its currency to rise against the dollar. VOA's Barry Wood reports.

Representatives from the United States and China say they made progress in resolving a variety of economic issues at the conclusion of talks in Washington.

Huge delegations of China ad the U.S. are having their second round of high-level discussions aimed at lessening economic tensions. They must achieve sufficient success to blunt growing protectionist pressures in the U.S. Congress.

China's Foreign Ministry says the United States should not pressure Beijing to revalue its currency, or blame China for what it calls U.S. internal economic problems. The rebuke comes after U.S. senators announced plans to introduce legislation to pressure China on its currency, which they blame for American job losses and an increasing U.S. trade deficit.