MANILA, Philippines?The peso retreated Monday to a six-week low on concerns about the country?s economic outlook, while the Indonesian rupiah fell as investors took profits from a recent local bond rally.

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 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 dealer. The market was closed on Friday for holiday.

The peso-dollar rate 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.