Asian currencies fell against the dollar, which firmed broadly as investors took profits on other major currencies which had climbed to multi-month highs on hopes of a recovery in the global economy.

The Philippine peso shed 0.8 percent from Thursday's close to P48.26 per dollar, a six-week low, as investors dumped local assets amid lingering pessimism about the country's fiscal and overall economic conditions.

“A broadly stronger dollar this morning added to the peso's woes," said a Manila-based dealer. The market was closed on Friday for holiday.

Three-month dollar/peso non-deliverable forwards rose to P48.61, implying a 0.9 percent peso fall from the spot compared to 1.6 percent on Friday.

Chartwise, the dollar/peso looks to test P48.50 near term after a decisive break of resistance at P47.75.

Patrick Bennett, strategist at Societe Generale, said in a note that he expected the peso, along with the South Korean won and Malaysian ringgit to weaken in tandem with stocks, which were correcting after a recent rally.

"During the equity rally the currencies with highest correlation to the run up were won, peso and ringgit and thus they should be susceptible to biggest retrace," he said.

Menwhile, the Indonesian rupiah lost just over 1 percent to 10,175 to the dollar, its lowest in more than a week, as investors trimmed their local bond holdings after a recent rally.

"There has been some profit-taking in the bond market," said a Jakarta-based dealer.

Foreign investors had flocked to bond and stock markets in recent weeks amid signs of a global economic recovery.

The rupiah, the best performing currency in Asia, is still up about 8.8 percent against the dollar so far this year.

Six-month dollar/rupiah NDFs rose to 10,540, implying a 4 percent rupiah fall from the spot compared to 3.3 percent on Friday.

The six-month NDFs trade 20 points above onshore forwards reversing from 60 points below the onshore rates.

The market remains bullish on the high-yielding rupiah.