SINGAPORE -- Asian currencies moved in tight ranges on Monday with investors caught between persistent fears of global recession and wariness over possible dollar-selling interventions by central banks to support local units.

The Indonesian rupiah hovered around 12,500 per dollar -- little changed from Friday's close -- as investors expected the central bank to check rupiah's falls.

"There is no sign of central bank intervention yet, but I believe it will be there soon, especially if the rupiah goes to 13,000." said a trader in Jakarta.

The rupiah hit a 10-year low of 13,100 on Friday.

The rupiah has lost almost 24 percent against the dollar so far this year due to capital outflows, trailing behind the South Korean won's loss of nearly 38 percent.

Analysts at ING expected the rupiah to weaken despite Indonesia's move to cut rupiah bond sales.

"The upward pressure on bond yields and dollar/rupiah is coming from the global flight from risk. We don't expect any letup in the short run," they said in a note.

The Philippine peso moved between 49.65 and 49.89 to the dollar compared to Friday's close of 49.82, even as local stocks jumped 1.9 percent.

"I think overall trend is still for a bullish dollar," said a trader in Manila.

"I don't think the dollar/peso is tracking the equity market today," the trader added.

The Indian rupee hovered near 50 per dollar as some exporters sold dollars and the local stock market recovered.

Callum Henderson, chief currency strategist at Standard Chartered Bank, said the bank's risk appetite indicator pointed to choppy and trendless trading for Asian currencies.

"Asian currency markets are of course closely watching US stocks for a lead, to see whether those can break out to new lows or stay in the range," he said.