The Malaysian ringgit led declines among Asian currencies on Monday, as the region's export-focused economies stood to suffer a severe hit from the coronavirus pandemic, while Malaysia was also facing a loss in export earnings from weak oil prices.

The ringgit lost 0.3% to hit a near four-week low, as the drop in crude prices would hurt Malaysia's revenues for liquefied natural gas exports, as the contracts are linked to oil prices.

Doubts about how and when countries would emerge from lockdowns once the epidemics in their nations peak also deterred investors from taking risks. "Fresh uncertainty that comes with the peak of this horrid wave of infections could steer investors to the sidelines and keep new trends from forming for FX,"

analysts at Maybank in Singapore said in note. "Currencies may trade in narrower ranges versus the volatile swings in March."

The Indonesian rupiah weakened 0.2%. Ratings agency S&P late on Friday revised Indonesia's economic outlook to 'negative' from 'stable' to reflect the rising financial risks the country faces as it ramps up government spending in response to the coronavirus outbreak.

The Thai baht gained 0.3% to 32.470 against the dollar. Over the weekend, the country's monarch approved laws to implement spending measures worth 1.9 trillion baht ($58.50 billion) to cushion the impact of the coronavirus on the economy.

The Chinese yuan weakened by less than 0.1%, as the People's Bank of China cut its benchmark lending rate as expected on Monday to reduce borrowing costs for companies and prop up the coronavirus-hit economy, after it contracted for the first time in decades.

The South Korean won and the Japanese yen shed 0.1% and 0.4%, respectively. South Korea is expected to report on Thursday a marginal expansion in first quarter gross domestic product, having quickly contained the spread of the coronavirus during the quarter. Japan reported its steepest slump in March exports in about four years.