SINGAPORE -- Most Asian currencies rebounded Wednesday as investors moved to cover short positions after the dollar weakened globally, but the Philippine peso fell.

The Singapore dollar rose as far as 1.4080 per US dollar, up almost 0.9 percent from its six-month low of 1.4203 hit on Tuesday.

"We see fair amount of bids at 1.4180-1.4190 from those who short (Singapore dollar) yesterday, so it's going to range bound between 1.4080 and 1.4120 today," said a trader in Singapore.

The Malaysian ringgit gained almost half of a percent to 3.3245 per dollar.

"I think we follow the big picture -- the dollar was softer overnight, so dollar/ringgit opened lower today," said a trader.

The US dollar eased against major currencies as a recovery in gold and oil prices took some of the steam out of the US currency's surge to a seven-month high.

But not all Asian currencies benefited from the dollar's broad weakness.

The Philippine peso fell as far as P45.74 per dollar in morning trade, its weakest level since early July, despite suspected dollar sales by the central bank to support the local unit.

"I think it's more of a technical move since a couple of resistances (for the dollar) have already been broken," said a Manila-based trader.

The South Korean won briefly hit 1,045.9 per dollar, up a quarter of a percent from Tuesday's domestic close of 1,049.4 as the authorities intervened to sell dollars to support the local unit to help rein in inflation.

Vice Finance Minister Kim Dong-soo said the authorities took the steps to correct irrational behavior in the market and were closely watching the market.