OREANDA-NEWS. March 25, 2015. Most emerging Asian currencies extended gains on Tuesday in the uncertainty over the timing of US interest rate hikes, while a gloomy survey of China's manufacturing sector dimmed the appeal of some regional currencies.

South Korea's won and Indonesia's rupiah rose to their highest in more than two weeks. The Malaysian ringgit advanced with higher stocks and bonds prices.

The dollar on Monday broadly fell on views that the US Federal Reserve will not hurry to raise interest rates. Low US borrowing costs are usually seen to boost the attractiveness of higher yields in emerging Asia.

Still, San Francisco Fed chief John Williams said Fed policymakers should wait no more than a few months before considering raising interest rates. He also said the US economy is strong enough to handle a firm dollar.

Activity in China's factory sector slid to an 11-month low in March as new orders shrank, a private survey showed, indicating the economy may need more policy stimulus.

Many Asian central banks have already eased monetary policies to tackle slowing economies and inflation.

"Don't go chasing the waterfall," said Andy Ji, Asian currency strategist for Commonwealth Bank of Australia in Singapore, when asked if emerging Asian currencies would appreciate further.

"USD/Asia currencies are still 'buy on the dips' into the Fed's normalization. Concerns over capital flight, a more entrenched easing bias, and a generally more sluggish outlook in the domestic economies should keep USD/Asia well supported."

WON

The won advanced as much as 0.8 percent to 1,105.4 per dollar, its strongest since March 6, on month-end demand from exporters for settlements.

The South Korean currency gave up some of earlier gains as caution grew over possible intervention by the foreign exchange authorities to stem its appreciation.

Local importers also bought dollars for payments, limiting the won's upside, traders said.

The won is seen facing a chart resistance at 1,104.3, the 50 percent Fibonacci retracement of its depreciation between January and March, analysts said.

If the resistance in broken, the next levels would be 1,099.9, a 55-day moving average, and 1,098.3, a 100-day average, they added.

RUPIAH

The rupiah gained as much as 0.5 percent to 12,950 per dollar, its strongest since March 6.

The Indonesian currency strengthened in non-deliverable forwards (NDFs) markets, while the government bond prices rose.

The official Jakarta Interbank Spot Dollar Rate, which the central bank introduced in 2013 to manage exchange rate fluctuations, was fixed at 12,972 rupiah per dollar, stronger than Monday's 13,076.

The rupiah pared some of its earlier gains on month-end corporate dollar demand.

RINGGIT

The ringgit rose as Malaysia's government bond prices gained and Kuala Lumpur shares outperformed peers in Southeast Asia.

Five-year bond yield fell to 3.622 percent, its lowest since March 2.

The Malaysian currency pared some of its earlier gains as oil prices dropped after the sluggish China manufacturing survey. Malaysia is a net oil exporter and sliding crude prices increased concerns that its current account surplus may fall and its fiscal deficit may widen.