The U.S. dollar hit a 12-year high against the euro on Monday, ahead of a closely watched Federal Reserve policy meeting this week, while oil prices fell again as US supplies continued to build.

Shanghai was the stand-out stock market in Asia, extending last week's gains after Chinese Premier Li Keqiang said the government had enough in its armory to support the world's second largest economy.

Shanghai jumped 2.27 percent, or 76.40 points, to 3,449.31, its highest since August 2009, and Hong Kong added 0.53 percent, or 126.34 points, to 23,949.55.

Tokyo's Nikkei, which on Friday closed above 19,000 points for the first time in 15 years, edged down 8.19 points to finish at 19,246.06.

Sydney ended down 0.29 percent, or 16.8 points, at 5,797.7 while Seoul was marginally higher, adding 1.54 points to 1,987.33.

Investors are keeping their focus on the Fed's policy meeting on Wednesday, seeking a clearer timeline for when it will raise interest rates as the U.S. economy strengthens.

World markets took a hit last week and the dollar rallied in reaction to a strong US jobs report that increased the likelihood of a summer rate rise.

But while equities have settled, the dollar continues to advance, hitting a more than 12-year high against the euro, which has also been battered by the European Central Bank's new bond-buying stimulus program.

In morning trade on Monday the euro fell to $1.0451, its lowest level since January 2003, before ticking up slightly in the afternoon to $1.0545, compared with $1.0489 in New York. The single currency was also at 127.83 yen compared with 127.38 yen in the U.S. trade. The dollar fetched 121.25 yen against 121.44 yen.

Oil prices fell further in Asia, extending Friday's losses after the International Energy Agency warned that the U.S. inventories were nearing storage capacity and adding to a global supply glut.
The U.S. benchmark West Texas Intermediate for April delivery fell 30 cents to $44.54, while Brent crude for April eased 49 cents to $54.18.