BENGALURU: The Indonesian rupiah led declines among Asian currencies on Wednesday, while the prospects of a rescue package for China’s ailing stock market, the region’s top trading partner, helped provide some support to equities.

The rupiah depreciated as much as 0.6% to its lowest since mid-November. Thailand’s baht followed suit, down as much as 0.5% by 0344 GMT, touching a 10-week low.

The rupiah has been on the back foot over the last month compared to the gains made by its peers. It is down over 2% so far this month as political uncertainties ahead of presidential elections on Feb. 14 heightened caution.

“We turn bullish on IDR on skewed risk-reward towards appreciation if political uncertainty eases and triggers unwinding of hedges,” analysts at BofA Securities wrote, adding that comments from the country’s central bank indicate its preference to see the rupiah appreciate, ahead of easing rates.

Shares in Manila emerged as a top gainer among the pack, rising 0.6% to touch a one-week high. Stocks in Taipei and Singapore marginally rose by 0.2%, while those in Bangkok and Kuala Lumpur each gained over 0.4%.

The MSCI’s index of emerging market equities, which captures large and mid-cap representation across 24 emerging markets countries, is up 0.2%, having notched a one-week high.

Investor sentiment towards China improved following a report stating that Chinese authorities are considering a package of measures to stabilize the slumping stock market, backed by $278 billion.