HONG KONG (AFP) ― Currencies in developing Asia struggled on Wednesday as concerns grow that the U.S. Federal Reserve will soon begin to unwind its massive stimulus program, diverting cash back to the West.

Asian share markets were mixed as investors awaited the release later in the day of minutes from the Fed’s July policy meeting, anxious to see if higher U.S. rates are in the offing, which would lessen the appeal of emerging markets.

The Indian rupee recovered slightly from the previous session’s record low but Indonesia’s rupiah and the Thai baht faced more selling pressure as foreigners shift backed to safer assets in the West after a year-long investment splurge.

In the afternoon Mumbai’s Sensex share index rose 0.67 percent after losing almost six percent in the previous three days, while Jakarta advanced 1.43 percent, capping a four-day losing streak that has seen it shed more than 11 percent. However, Bangkok slipped 0.44 percent.

Among Asia’s major stock markets Tokyo edged up 0.21 percent, or 27.95 points, to 13,424.33, Sydney ended up 0.43 percent, or 21.8 points, at 5,100 and Seoul closed 1.08 percent, or 20.39 points, lower at 1,867.46. Shanghai was virtually unchanged, edging up 0.02 points to 2,072.96.

Hong Kong slipped 0.74 percent in late trade.

Manila was closed for a public holiday, while Taipei was closed owing to the approach of Tropical Storm Trami.

Wellington shares rose 0.96 percent, or 43.15 points, to close at 4,551.51.

Fletcher Building surged 6.21 percent to NZ$8.72 after posting a 76 percent rise in annual net profit.

Analysts will read the Fed minutes closely for an idea of the board’s plans for its bond-buying program, known as quantitative easing.

With the U.S. economy showing increasing signs of strength, many analysts say the Fed the bank will start cutting down on the $85-billion-a-month scheme next month.

Expectations of such a move have seen foreign investors in recent months repatriate some of the vast sums of cash that poured into emerging economies when QE was unveiled in September 2012, in turn hitting currencies and equities.

The growing crisis has increased pressure on central banks to hike interest rates to support their currencies. However, such a move could be counterproductive to already struggling nations such as India, where the economy is hobbled by weakening growth as well as a huge current account deficit.

In forex trade the rupee sank to a record low of 64.1 to the dollar on Tuesday but clawed back slightly on Wednesday, strengthening to 63.44 in the afternoon.

The unit is Asia’s worst performing currency this year, losing about a fifth of its value against the dollar in the past three months, with fears over the Fed’s stimulus adding to a severe slowdown in India.

However, the Indonesian rupiah weakened to 10,690 against the dollar ― its lowest point since mid-2009 ― from 10,495 Tuesday, while Thailand’s baht sat around a one-year low of 31.73, from 31.69.

Against other major currencies the dollar bought 97.48 yen, compared with 97.32 yen in New York Tuesday, while the euro fetched $1.3401 and 130.55 yen, against $1.3420 and 130.60 yen.

The European unit broke $1.34 in New York for the first time since January after U.S. Treasury yields fell to 2.81 percent from a two-year high of 2.88 percent reached Monday, as bond prices perked up after sinking for more than three months. Bond prices move inversely to yields.

On Wall Street shares ended mixed despite some upbeat earnings from retailers. The Dow edged slightly lower, while the S&P 500 gained 0.38 percent and the Nasdaq rose 0.68 percent.

On oil markets New York’s main contract, West Texas Intermediate for delivery in October, was down 51 cents at $104.60 and Brent North Sea crude for October slipped 65 cents to $109.50.

Gold fetched $1,362.90 at 0800 GMT from $1,359.48 late Tuesday.