South Korea's won fell to its weakest in more than two years on risk aversion after bearish readings on China manufacturing activity on Tuesday, although India's rupee and Philippine peso were resilient on softer oil prices.
The won weakened up to 0.5 percent, also dampened by a drop in Samsung Electronics' first-quarter profit. Korea's equities index was also among top losers in the region.
The won is set to be the worst performer in the region this month, shedding about 2.5 percent in April and has weakened the most so far this year, dropping 4.2 percent.
South Korea's March industrial production fell 2.8 percent from a year earlier, data showed on Tuesday, and the country's exports are expected to contract for the fifth straight month.
A global powerhouse for semiconductors and electronic products, South Korea has been especially hard hit by a slump in global tech demand. Data last week showed Asia's fourth-largest economy suffered its worst quarter since the global financial crisis, as investments and exports slumped in response to Sino-US trade tensions and cooling Chinese demand.
The rupee and peso led gains buoyed by a retracement in crude prices which dipped on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran.
A pullback in oil prices would benefit net importers in Asia including India and Philippines.
Bearish Chinese factory and services sector activity in April also weighed on crude prices, traders said, as it suggested Asia's biggest economy is still struggling to regain traction.
Factory activity in China expanded for a second straight month in April but at a much slower pace, dousing optimism that a recovery would put a floor under global growth.
The Indian rupee gained up to 0.4 percent to its strongest level in a week. The currency, however, has weakened about 1 percent this month due to rising oil prices.
The Philippine peso strengthened about 0.3 percent to scale a one-week peak, having gained about 1.3 percent in April and is on track to be the best monthly performer in the region.
The Chinese yuan, the Malaysian ringgit and the Singapore dollar weakened slightly while the Thai baht and the Taiwan dollar were little changed.
Philip Wee, FX strategist at DBS Group Research, said in a research note that May is likely to be another challenging month for currencies.
"Barring negative surprises in this Friday's US monthly jobs report, less attention will be paid to White House pressure on the Fed to cut rates given the better-than-expected US growth and higher oil prices," Wee said.
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