Most Asian currencies fell against a strong dollar on Monday ahead of major global central bank meetings through the week to determine the rates policy outlook, with the Thai baht falling even after the country reopened its doors to tourists.

Indonesia's rupiah, the South Korean won and the Philippine peso eased between 0.1% and 0.5% as the greenback consolidated on expectations the US Federal Reserve would announce tapering of stimulus at its meeting on Wednesday.

Tourism-reliant Thailand's baht dropped 0.8% to a two-week low to be among the top losers, despite a resumption of travel for fully vaccinated people after months of restrictions. Thai stocks also slipped 0.4%.

South Korea's won, Indonesian rupiah gain, other Asian FX mixed

Investors want to see if there are new outbreaks after the re-opening, said Poon Panichpibool, markets strategist at Krung Thai Bank.

"After that, I think foreign investors will be more confident and will start to accumulate Thai equities again."

South Korean shares rose 0.5% as risk appetite got a lift after the country's exports posted their eighth straight month of double-digit growth in October.

Malaysian stocks fell more than 2% even after the country announced plans to allocate 8.2 billion ringgit ($1.98 billion) for cash aid as part of its 2022 budget to be distributed to 9.6 million recipients.

The market weakness is likely due to the announcement of new tax measures in the budget 2022, which includes the one-off prosperity tax on high-revenue generating companies as well as higher stamp duties on trading of shares, said Julia Goh, senior economist at UOB.

Malaysia's central bank is also due to hold a policy review on Wednesday where it is likely to keep interest rates on hold to support the economy as it gradually reopens amid an intense COVID-19 vaccination drive, according to a Reuters poll.

"Expansionary fiscal policy gives monetary policy flexibility to address any inflation concerns, especially from second half of 2022," analyst at Citibank wrote in a note.

Sentiment was also tepid after data over the weekend showed China's October factory activity contracted more than expected, hurt by persistently high raw material prices and softer domestic demand, pointing to further economic weakness in the final quarter of 2021.

Highlights

** Indonesian 10-year benchmark yields are up 3.5 basis points at 6.204%

** Singapore's 10-year benchmark yield is up 1.8 basis points at 1.861%

** Top losers on FTSE Bursa Malaysia Kl Index include Telekom Malaysia Bhd and RHB Bank Bhd down 4.5% each