(Adds text, updates prices) By Aby Jose Koilparambil Nov 14 (Reuters) - Most Asian currencies firmed on Wednesday as the dollar softened and a slump in oil prices eased concerns about inflation risks. Oil prices extended losses after a 7 percent plunge the previous session as surging supply and the spectre of faltering demand scared off investors. The extended slide has offered some respite for big energy importers in Asia such as India, easing pressure on their fiscal positions, current account deficits and retail prices. Most of the South Asian currencies are impacted by movement in oil price as many of the South Asian and Southeast Asian economies are net importers of oil. But further signs of weakness in the global economy could drag on demand for Asian exports and regional growth in the longer run. "From an Asian perspective, where falling oil prices had been helping Asian FX to firm against the USD, from now on, that relationship will likely fade away," said Robert Carnell, Chief Economist and Head of Research, Asia-Pacific at ING. The dollar slipped on news that Britain has struck a draft Brexit divorce deal with the European Union after more than a year of talks, lifting investor sentiment across Asia and prompting some to move back into riskier assets such as emerging markets. The Indian rupee led gainers, firming as much as 0.90 percent to a near eight-week high. The Indonesian rupiah and the Thai baht strengthened as much as 0.4 percent each. Gains were more limited for China's yuan, with mixed data for October pointing to further weakening in economic growth despite some signs that increased government spending is slowly starting to be felt. The yuan inched up as much as 0.1 percent. The Philippine peso also climbed, up 0.2 percent while the Malaysian ringgit edged up, trading 0.1 percent higher. Investors are awaiting monetary policy decisions by several regional central banks this week. The Bank of Thailand and Bank Indonesia are expected to keep rates on hold while the odds of another rate hike in the Philippines are too close to call, according to analysts polled by Reuters. The BoT decision will be announced later on Wednesday (0700 GMT) while Indonesia and the Philippines will release statements on Thursday afternoon. INDIAN RUPEE The rupee, the worst regional performer so far this year, gained for a second straight session. Besides the fall in oil prices, the Indian rupee was boosted by the central bank's announcement a day earlier that it would buy bonds via open market operations. "The Indian rupee opened sharply higher today against the dollar after crude oil prices extended losses, improving the outlook for the country's current account deficit" said Religare Broking Ltd in a note. Rupee is expected to be on a strong footing going ahead as oil prices remain soft and domestic inflation has been falling sharply. India's headline annual consumer inflation fell to a 13-month low of 3.31 percent in October, below the central bank's medium term inflation target of 4 percent, spurring hopes of interest rates being kept on hold for the next few months. The following table shows rates for Asian currencies against the dollar at 0643 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 113.870 113.8 -0.06 Sing dlr 1.379 1.3789 -0.03 Taiwan dlr 30.928 30.902 -0.08 Korean won 1134.300 1133.3 -0.09 Baht 32.875 32.995 +0.37 Peso 53.075 53.1 +0.05 Rupiah 14755.000 14805 +0.34 Rupee 72.083 72.67 +0.81 Ringgit 4.190 4.192 +0.05 Yuan 6.948 6.9570 +0.13 Change so far in 2018 Currency Latest bid End 2017 Pct Move Japan yen 113.870 112.67 -1.05 Sing dlr 1.379 1.3373 -3.05 Taiwan dlr 30.928 29.848 -3.49 Korean won 1134.300 1070.50 -5.62 Baht 32.875 32.58 -0.90 Peso 53.075 49.93 -5.93 Rupiah 14755.000 13565 -8.07 Rupee 72.083 63.87 -11.39 Ringgit 4.190 4.0440 -3.48 Yuan 6.948 6.5069 -6.35 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Kim Coghill)