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Thailand's baht hit a near two-week high on Wednesday as waning concerns about the new Omicron coronavirus variant supported prospects for the tourism-reliant economy, while Malaysia's ringgit also advanced to its best day in six.

The Ugandan shilling was stable on Wednesday, drawing some support from remittances from Ugandans working abroad, traders said.

Australian shares rose on Wednesday, led by mining and energy stocks on sharp rises in iron ore and oil prices, buoyed by hopes of limited disruption from the Omicron coronavirus variant.

Oil prices edged lower on Wednesday, reversing gains from earlier the week, as investors tried to assess the full impact of the Omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines.

Central European currencies eased on Wednesday, with Hungary's forint unmoved by a rise in inflation to a 14-year high and Poland's zloty awaiting an expected interest rate hike later in the day.

Japanese shares jumped on Wednesday, as investors grew hopeful that the Omicron coronavirus variant would be less disruptive for the global economy than initially feared.

Indian shares extended gains on Wednesday as the central bank left its key interest rates unchanged as expected, and promised adequate policy support to help sustain a durable economic recovery amid worries around the Omicron coronavirus variant.

The South African rand extended this week's gains early on Wednesday, as signs that the Omicron coronavirus variant identified locally is causing mainly mild infections supported risk appetite.

Most emerging market stocks and currencies rose on Wednesday as fears over the potential impact of the Omicron variant receded, while the Polish zloty firmed ahead of a widely expected central bank rate hike.

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