In the currency market, the dollar index, which measures the greenback against a basket of currencies, traded at 95.478 as of 2:22 p.m. HK/SIN. This was compared to levels above 96.00 briefly touched in the previous week before the U.S. Federal Reserve opted to keep its monetary policy unchanged.
The Australian dollar traded at $0.7616, retreating from levels near $0.7680 in the previous week.
Elsewhere, the Philippine peso weakened against the dollar to levels not seen since 2009, trading at 48.19 as of 2:24 p.m. HK/SIN. Reuters reported that local importers' demand for the greenback for payments had exacerbated pressure on the peso as foreign investors were also pulling funds out of the country's stock market amid concerns President Rodrigo Duterte's aggressive rhetoric and drug crackdown was alienating key allies.
In the oil market, prices climbed on Monday, with U.S. crude up 0.83 percent to $44.85 in the afternoon during Asian hours, after falling 3.97 percent on Friday. Global benchmark Brent added 0.89 percent to $46.30 a barrel.
OPEC producers were set to informally meet this week at the sidelines of an energy conference in Algeria to discuss a possible production freeze deal. Prices received a boost on Monday, following a Reuters report that cited the Algerian energy minister saying all options were possible for an output cut or freeze at the meeting.
But analysts remained skeptical.
"While expectations have painted the group into a corner not to walk away empty-handed, markets have sufficient cynicism not to expect a concrete deal," said Wei Liang Chang, a currency strategist at Mizuho Bank.
Chang noted that even if a production freeze deal were achieved, it would likely not be immediate.
"Such a deal may target a six-month horizon, rather than taking immediate effect ... in line with the likes of Iran, Iraq, Nigeria and Libya stabilizing/smoothing their production," he said.
On Friday, oil prices gyrated after multiple, contradictory reports created uncertainty. Initially, Reuters reported that Saudi Arabia had agreed to trim its production if Iran capped its own output. That sent oil climbing, but prices pulled back following another report, citing an unnamed Saudi official, warning against the expectation for a deal.
In company news, Samsung shares reversed early gains of nearly 0.3 percent to trade lower by 0.19 percent, following reports that the company was delaying the start of new Galaxy Note 7 handset sales in South Korea until October 1.
Reuters reported the company saying the move was needed for speedy completion of the ongoing recall in the country of existing Note 7 smart phones, with only about 200,000 affected customers having turned in their devices.
The new handset, released earlier this year, had come under scrutiny, following multiple reports of fires and damage to the handsets around the world. Earlier this month, Samsung announced a recall of at least 2.5 million Note 7 handsets in 10 markets to replace a faulty battery causing the phones to catch fire, reported Reuters.
Japanese camera maker Nikon beat the broader benchmark to close up 1.93 percent, after Citigroup upgraded the stock to a Buy from Neutral citing improving technology, change in strategic direction and expectations that the company could avoid a big drop in earnings in fiscal 2018.
— Reuters contributed to this report.
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