SINGAPORE -- The Singapore dollar and Malaysian ringgit rebounded from multi-month lows as the US dollar retreated from a six-month high hit against the euro on Monday, but traders said the gains may not last.

The US dollar soared to its highest against the euro since February last week as investors grew more concerned over a slowdown in the euro zone while a drop in oil prices boosted market confidence in the US currency.

However, the US dollar later retreated almost a cent from its peak, which helped to boost some Asian currencies.

The Singapore dollar inched up by 0.2 percent to 1.4118 per US dollar, recovering from a six-month low touched on Friday, but traders expected the US dollar uptrend to continue and cause weakness in some regional currencies.

"The overall US dollar trend is turning, but today we saw US dollar correction and we may see US dollar/ Singapore dollar hit 1.41 or lower before the up move resumes," a Singapore-based trader said.

The Singapore dollar usually moves in tandem with the euro against the US dollar because of the euro's high weight in its trade-weighted basket.

Likewise, the Malaysian ringgit retreated from a near eight-month low hit early on Monday and rose 0.3 percent to 3.3340. Traders in Kuala Lumpur expected the ringgit to trade between 3.33 and 3.35 in the session.

The South Korean won failed to benefit from the dollar's temporary retreat. It fell 0.4 percent to 1,044 per dollar, its weakest in six weeks, against the US currency, the latter still hovering near a seven-month high against a basket of major currencies

Investors remained wary of possible dollar-selling intervention by Korean authorities to support the won, which has lost 3.0 percent in the past two weeks.

Markets in the Philippines and Indonesia were closed for a holiday.