KUALA LUMPUR (Oct 4): Malaysia’s ringgit strengthened, bucking a decline in Asian currencies, as an overnight rally in energy prices offset the prospect of a U.S. interest-rate increase as soon as next month.

Brent crude surged to a six-week high on Monday, providing some reprieve to the ringgit after its biggest monthly drop since May last month. Malaysia is the only net exporter of oil among Asia’s major economies and derives about a fifth of government revenue from energy-related sources. A gauge of the dollar strengthened for a second day and Treasuries fell after a report showed U.S. manufacturing expanded in September, backing the case for the Federal Reserve to raise rates.

“Dollar strength and supported U.S. Treasury yields off the back of better-than-expected U.S. data are reminding markets that November remains a live meeting,” said Christopher Wong, a foreign-exchange strategist at Malayan Banking Bhd. in Singapore. “Oil price gains are supporting the ringgit.”

The ringgit climbed 0.3 percent to 4.1240 per dollar as of 9:17 a.m. in Kuala Lumpur,  according to prices from local banks compiled by Bloomberg, as Malaysian financial markets resumed trading after a holiday on Monday.

The won fell 0.2 percent to 1,103.95, headed for a third session of losses. Local markets were also closed for a holiday Monday. A report Tuesday showed South Korea’s current-account surplus narrowed to $5.51 billion in August, the smallest since April, from a revised $8.67 billion the previous month.

South Korea’s 10-year government bonds fell for the first time in eight days, pushing the yield up five basis points to 1.45 percent, according to prices from local banks compiled by Bloomberg.