In economic news, April trade data from China reflected that exports grew 8 percent while imports rose 11.9 percent on year in dollar terms. Both figures failed to meet analyst expectations.
The dollar traded at 98.64 against a basket of rival currencies, edging slightly higher compared to the 98.5 handle seen in the previous session. The greenback earlier fetched a seven-week high against the yen but later stabilized to trade at 112.71.
The risk-sensitive Aussie dollar continued its slide against the dollar, trading lower at $0.7409 following the release of trade data from China.
Also in Australia, stocks of Fairfax Media rose 2.36 percent to close at A$1.085 a stock after TPG Capital, a private equity company, made an offer to acquire the media company's newspapers and online real estate business. Other media companies also saw their shares rise; Nine Entertainment gained 5.34 percent and Ten Network surged 19.32 percent.
On the energy front, oil prices rose on the back of renewed output cut hopes, with U.S. crude gaining 0.8 percent to trade at $46.59 a barrel. Brent crude added 0.88 percent to trade at $49.53. This comes after oil futures sold off last week to register its lowest prices in five months.
Stateside, equities closed higher on Friday, with the S&P 500 and Nasdaq closing at record levels following the release of strong April jobs data.