Emerging Asian currencies generally held firm on Tuesday but they have mostly fallen during March and in the first quarter as the dollar rose on expectations the US Federal Reserve will raise interest rates later this year.
The Chinese yuan advanced on the back of buoyant mainland markets after authorities signalled they would act to prevent a wider economic slowdown. The renminbi was on course for its biggest monthly gain in more than three years.
Taiwan's dollar rose on exporters' demand for month-end settlements. They bought the currency when it was weaker than 31.300 per the US dollar, traders said.
The Philippine peso gained on expectations of stepped-up remittance inflows from overseas Filipino workers before a long holiday weekend.
The outlook for Asian currencies is generally negative, given the likelihood of tighter Fed policy. Rising US borrowing costs usually reduce the attractiveness of higher yields in Asia, especially with the present easier monetary policy bias in the region.
"We stay negative on most Asian currencies in Q2," said Heng Koon How, a senior currency strategist with Credit Suisse in Singapore.
"The correction in the US dollar over past two weeks is seen as temporary profit-taking from excessive long dollar positions. Our studies of past Fed tightening cycles suggest that the dollar will stay strong heading into the first rate hike of the new cycle."
Malaysia's ringgit led regional depreciation in March and the first quarter.
The ringgit has lost 2.9 percent against the dollar so far this month, extending its quarterly loss to 5.8 percent, according to Thomson Reuters data.
The Malaysian currency came under pressure from low oil prices and concern over a possible cut in its sovereign rating. The sluggish local economy prompted some speculation that the central bank could cut its policy rate in May.
So far this month, the peso has fallen 1.4 percent as investors booked profits on expectations of the Fed's tightening.
India's rupee has lost 1.3 percent as the central bank made another unexpected rate cut earlier this month and was also spotted intervening to hold the currency down.
Indonesia's rupiah lost 1.3 percent due to corporate dollar demand. The Singapore dollar has slid 1.0 percent in March, on course for the ninth consecutive monthly fall, which would be the longest losing streak since 1981, the first year from which data is available.
A slowing economy and inflation in the city-state have kept expectations of further easing in April alive, even though a poll on March 25 showed the central bank was seen maintaining its stance of allowing the local dollar's appreciation at its next policy meeting.
South Korea's won lost 1.0 percent this month after a surprise central bank rate cut. Bank of Korea Governor Lee Ju-yeol said on Monday weak consumption was the biggest hurdle for the economy.
The Thai baht has fallen 0.6 percent as the Bank of Thailand joined the global easing trend.
The yuan, however, has gained 1.1 percent so far this month and could post a tiny gain in the first quarter. That monthly gain would be its biggest rise since December 2011.
China's central bank supported the currency during March by fixing daily trading mid-points higher and intervening to quell speculation of further depreciation.
The Taiwan dollar has risen 0.7 percent so far this month, helped by flows into stocks.
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