Asian currencies were set for deep losses in March as traders fretted over the impact of high oil prices and disruptions in energy supplies

Most Asian currencies moved in a tight range on Tuesday and were set for deep losses in March as the U.S.-Israel war on Iran battered risk appetite, while the dollar headed for a monthly gain.

The yuan was little changed after stronger-than-expected purchasing managers index data for March, while the yen steadied near recent lows amid continued focus on currency market intervention by Tokyo.

The Indian rupee recovered further from record lows after the Reserve Bank intervened in foreign exchange markets, although it was still headed for a March loss.

Asian currencies were set for deep losses in March as traders fretted over the impact of high oil prices and disruptions in energy supplies.

The won was by far the worst performer in Asia, with the USD/KRW pair set to add nearly 6.5% this month. The won was battered by major capital outflows from stock markets, as investors dumped high-flying technology stocks.

The yen’s USD/JPY pair added 2.3% in March, with the yen trimming some of its monthly losses after a slew of warnings from Tokyo on potential currency market intervention. The yen also took some support from growing bets that the Bank of Japan will hike interest rates later this year.

Consumer price index data showed inflation in Tokyo grew less than expected in March, dropping to a four-year low amid continued government measures to curb utility and food prices.

The Australian dollar’s AUD/USD pair was set to lose 3.7% this month, with an interest rate hike and hawkish signals from the Reserve Bank of Australia providing fleeting support.

The Indian rupee’s USD/INR pair was set to add 3.6%, with the rupee hitting a series of record lows to the dollar amid concerns over the impact of oil supply disruptions on the Indian economy.

Still, the rupee rebounded from record lows this week amid reports that the RBI had intervened in currency markets.

The yuan was among the better performers in Asia, with the USD/CNY pair set to rise 0.8%. While a bulk of the yuan’s strength came from stronger daily midpoint fixes from the People’s Bank, China is also seen as more insulated to shocks in energy supplies.

Purchasing managers index data showed Chinese manufacturing activity grew more than expected in March, while non-manufacturing activity unexpectedly grew.

The Singapore dollar’s USD/SGD pair and the Taiwan dollar’s USD/TWD pair were both trading up over 2% in March.