Most emerging Asian currencies slip

Most emerging Asian currencies slid on Tuesday as persistent anxiety over Greece's debt problems and further volatility in global debt markets dented risk sentiment. The Indonesian rupiah fell as some analysts warned of risk that the central bank could cut interest rates at a policy review later in the day.
Most economists polled by Reuters had expected Bank Indonesia to hold its key rate steady, although the country's growth rate has fallen to its weakest since 2009.
South Korea's won slid as a weaker yen spurred caution over possible intervention by the foreign exchange authorities to support growth in Asia's fourth-largest economy.
The Malaysian ringgit eased on lower oil prices and as the 10-year bond prices fell.
The US dollar hit a near one-week high against six major currencies as 10-year Treasury bond yield held steady after rising 9 basis points on Monday.
The rise came even as weak US housing data indicated sentiment among homebuilders slumped in May.
"Despite weak US economic data, the time for the Fed rate hike is still coming as hopes for a recovery in the second quarter stayed alive," said Seungji Jeon, Samsung Futures' FX analyst in Seoul, referring to the US Federal Reserve.
"If yields in developed markets continue to rise, the risks of bond outflows from Asia would grow. That will put pressure on currencies."
The US central bank could look at a rate hike in June if the economy is strong enough, Chicago Fed President Charles Evans said on Monday.
The world's top economy is probably not as weak as current estimates suggest, a paper published Monday by the Federal Reserve Bank of San Francisco said.
The rupiah skidded as investors were keeping an eye on the central bank's policy decision. The monetary authority has been under pressure to cut rates from the government to pro up the Southeast Asia's top economy.
"The market is not discounting the possibility of a rate cut to support growth," said analysts at DBS in a client note.
The Indonesian currency slid on dollar demand from importers, while the central bank was suspected of intervening to limit further slide in the worst-performing Asian currency so far this year, traders said.
The official Jakarta Interbank Spot Dollar Rate, which the central bank introduced in 2013 to manage exchange rate fluctuations, was fixed at 13,183 rupiah per dollar, weaker than the previous 13,116.
The won fell as some traders suspected intervention in the early session, while offshore funds sold the currency.
The South Korean unit pared some of earlier losses as exporters such as shipbuilders purchased on dips for settlements.
Seoul shares also rose as foreign investors were net buyers.
The ringgit slumped as lower oil prices underscored concerns over their impact on Malaysia's current and fiscal accounts. The country is a net oil exporters. Ten-year government bond yield rose to 3.877 percent from 3.868 percent.