Asian currencies rose, led by the biggest rally in Malaysia's ringgit in six weeks, as a financial bailout for Spain and data showing China's exports climbed twice as fast as economists estimated supported stocks.

The Bloomberg-JPMorgan Asia Dollar Index added to its first weekly gain since April, while the MSCI Asia-Pacific Index of shares advanced 1.7 percent.

Spain asked euro-region governments over the weekend for as much as 100 billion euros ($126 billion) to shore up its banking system, according to Economy Minister Luis de Guindos.

Reports this week will probably show factory output in India and Malaysia rebounded, while policy makers in the Philippines and Indonesia will likely keep rates unchanged.

"The news of the bailout in Spain supports sentiment for riskier assets," said Disawat Tiaowvanich, a foreign-exchange trader at Bangkok Bank Pcl. "China's data over the weekend should also be supportive."

The ringgit advanced 0.7 percent to 3.1644 per dollar as of 10:51 a.m. in Kuala Lumpur, according to data compiled by Bloomberg. South Korea's won gained 0.6 percent to 1,168.40, while the Philippine peso added 0.6 percent to 43.010.

The Asia Dollar Index, which tracks the region's 10 most- used currencies excluding the yen, has rebounded 0.6 percent since hitting 113.68 on June 1, the lowest level since September 2010.

Its 60-day historical volatility was little changed at 2.85 percent.

Investment in Malaysia

India's industrial production probably rose 1.7 percent in April from a year earlier, after contracting 3.5 percent in March, according to analysts' estimates in a Bloomberg survey. The government will report the data tomorrow.

The ringgit strengthened as economists predicted factory output increased 2 percent in April from a year earlier, after rising 0.6 percent in March, according to the median forecast in a Bloomberg News survey before a government report at noon today.

"The domestic story in Malaysia is firmer than what it is in other parts of Asia," said Jonathan Cavenagh, a currency strategist in Singapore at Westpac Banking Corp.

"The market has been looking for a circuit breaker to get it out of this risk-averse mood, and the news on Spain is positive in the near term."

China's exports rose 15.3 percent in May from a year earlier, versus the 7.1 percent median estimate in a Bloomberg survey and the 4.9 percent gain in April, the government said yesterday.

The yuan appreciated 0.05 percent to 6.3672 per dollar in Shanghai, according to the China Foreign Exchange Trade System. The central bank fixed its reference rate at 6.3169, the strongest level since May 22.

Elsewhere, Taiwan's dollar advanced 0.2 percent to NT$29.908 against the greenback, while Indonesia's rupiah gained 0.3 percent to 9,449. Thailand's baht climbed 0.4 percent to 31.57 and the Vietnamese dong was unchanged at 20,998.