The gains in commodities prices and Asian stocks have rejuvenated the demand for higher yielding currencies such as Australian and New Zealand dollars.

Both these currencies have got a rise due to crude oil high, which has risen for the first time in three days. This rise has come after Federal Reserve Chairman Ben S. Bernanke’s statement, which said that the US recovery has been going on a moderate pace. The Kiwi dollar got a high in the midst of speculations that the nation’s central bank will raise the interest rates; these rates were at a record low this week.

“Stocks and commodities have halted recent declines, helping the Aussie and Kiwi rise”, said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. Ltd. in Tokyo.

The Australian Dollar rose 1.7% to 75.31 Yen. The A$ gained to 82.04 U. S cent in New York on Monday, on the other hand, the New Zealand Dollar rose 1.3% to 60.98 Yen. The Kiwi Currency gained to 66.40 U. S cents from 65.87 cents.

Australia’s S&P/ASX 200 Index rose 1.1% and the MSCI Asia Pacific Index of Regional Shares increased 0.3%.

After Hungary’s Government pledged to control its budget deficit, the South Pacific Nation’s currency also rose.