SINGAPORE, May 12 — Most emerging Asian currencies firmed slightly today as the dollar lost some momentum, but worries about slowing global growth limited their upside.

Malaysia’s ringgit led regional appreciation on overnight jumps in crude prices and stronger-than-expected output data, while concerns remained over troubled state fund 1Malaysia Development Berhad (1MDB).

The South Korean won rose as investors squared some bearish bets ahead of the central bank’s monetary policy meeting tomorrow.

The US dollar fell yesterday against a basket of six major currencies after rising 2.7 per cent from its 16-month low hit earlier this month in the previous six sessions.

Investors had little confidence about further gains in emerging Asian currencies, with regional stock markets under pressure from a lack of signs of a global economic recovery.

“Concerns over dire global growth, led by China, prevented markets from aggressively adding bullish bets on Asia FX,” said Jeong My-young, Samsung Futures’ research head in Seoul.

“In addition, the recent RBA’s rate cut boosted expectations of similar moves in other countries including South Korea,” Jeong said, referring to the Reserve Bank of Australia.

Ringgit

The ringgit advanced as oil prices jumped yesterday after an unexpected fall in US crude inventories.

The Malaysian currency extended gains after data showing industrial production in March rose more than expected thanks to growth in the manufacturing and electricity sectors.

Investors stayed wary of 1MDB as dispute between the Malaysian fund and Abu Dhabi state-owned International Petroleum Investment Co (IPIC) intensified on Wednesday, with IPIC saying there was a fresh default by 1MDB.

Won

The won found more support from South Korean exporters’ demand for settlements.

Traders hesitated to add bullish bets on the currency on expectations of further central bank easing later this year.

The Bank of Korea is expected to keep interest rates on hold this week but may cut in June or July to improve economic conditions for ongoing corporate restructuring in the shipping and shipbuilding industries. — Reuters