By Kim Kyoungwha Nov. 26 (Bloomberg) -- Asian currencies rose, led by the Korean won, after the U.S. Federal Reserve took additional steps to ease a seizure in credit markets, committing up to $800 billion. Of the region's 10 most-traded currencies excluding the yen, only two weakened versus the dollar as stock gains helped shore up demand for Asian assets. Thailand's baht fell to a 21-month low after a grenade exploded at Bangkok's international airport, which was forced to close after earlier being stormed by anti- government protesters. ``The Fed is very aggressive in helping to unfreeze the credit markets,'' said Irene Cheung, a corporate director for local-markets trading at ABN Amro Bank NV in Singapore. ``So that would be negative for the U.S. dollar because it promotes risk-taking.'' The Korean won rose 0.7 percent to 1,492 per dollar as of 1:24 p.m. in Seoul, extending a rebound from its Nov. 24 close of 1,513, which was the lowest in a decade. The Taiwan Dollar advanced 0.5 percent to NT$33.19, Singapore's dollar climbed 0.4 percent to S$1.5095 and India's rupee gained 0.31percent to 49.9450. Investor sentiment improved after the Fed said yesterday it will purchase as much as $600 billion of debt issued or backed by government-chartered housing-finance companies. It will also set up a $200 billion program to support consumer and small- business loans, the Fed said in statements. MSCI's Asia-Pacific excluding Japan Index of regional shares climbed 1 percent. `Boosting Sentiment' The Philippine peso climbed for a fourth day, rising to 49.305 a dollar from 49.460. It's strengthened 1.8 percent since reaching a two-year low of 50.175 on Nov. 21. The Fed plan is ``boosting sentiment for emerging-market assets,'' said Marcelo Ayes, senior vice president at Rizal Commercial Banking Corp. in Manila. A deepening global recession may limit gains for regional currencies, damping the outlook for exports. The U.S. economy, the world's biggest, shrank in the third quarter as consumer spending plunged by the most in almost three decades, according to government figures released yesterday. Korea's economy will contract 2 percent next year as overseas sales slump, Macquarie Securities Ltd. forecast, revising its previous estimate for growth of 2.5 percent. ``The global situation has deteriorated sharply while domestic dislocations have made it harder to find credible alternatives to support growth as exports collapse'' Bill Belchere, a Hong Kong-based economist, wrote in a report.``The global deleveraging and deflation that are likely to unfold over the next few quarters is not good news for Korea.'' The won has dropped 37 percent this year, making it Asia's worst-performing currency. Indonesia's rupiah lost 25 percent and India's rupee 21 percent. Protest, Explosion The baht fell 0.4 percent to 35.31 today in Bangkok, earlier touching 35.35, its weakest since February 2007. Protesters stormed the main terminal at Bangkok's international airport to await the return from Peru of Prime Minister Somchai Wongsawat, whose regination they are demanding. Four people were injured by a grenade this morning at the airport, TPBS television station reported. ``The political turbulence will weaken investors' appetite in Thai stocks and assets,'' said Radhika Rao, an economist at IDEAglobal Ltd. in Singapore. ``This is coming at a bad time when economic growth is slowing.'' Elsewhere, the Malaysian ringgit and the Vietnamese dong were little changed at 3.6200 per dollar and 16,972, respectively. Indonesia's rupiah fell 0.2 percent to 12,580 per dollar in Jakarta. The currency, which fell to a decade-low 13,150 last week, lost 18 percent in the past month. ``Asian currency markets are in a tug of war between improved global market risk appetite and the deteriorating medium-term outlook for Asia growth,'' said Dariusz Kowalczyk, a strategist with CFC Seymour Ltd. in Hong Kong. ``Therefore, some gained modestly, with others down.'' To contact the reporters on this story: Kim Kyoungwha in Beijing at kkim19@bloomberg.net.

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