Currencies in Asia's emerging markets were broadly subdued on Wednesday, as regional assets remained resilient, even as rate hike bets in the US continued to push the dollar higher following Federal Reserve chair Jerome Powell's reappointment.

While the Thai baht fell 0.8% to hit their lowest since Nov. 5, the yuan, Philippine peso and Taiwanese dollar traded flat to up 0.1%.

"The pressure on the Asian currencies is far more limited than what you would have expected given the bounce in the dollar," said Mitul Kotecha, EM Strategist at TD Securities.

"One of the reasons that Asian currencies have been well supported is the anchor provided by the yuan."

The yuan has remained firm over recent sessions as continued seasonal corporate demand for the currency have outweighed broad dollar strength and a weaker-than-expected official guidance rate.

Currencies in the region were also largely immune to a more than 15% drop in the Turkish lira on Tuesday after President Tayyip Erdogan defended recent rate cuts, despite widespread criticism and pleas to reverse course.

Asian FX, stocks mostly lower after Powell's renomination stokes rate bets

Analysts have said contagion fears in Asian FX from the sharp drop in Turkey's currency are limited, given reduced exposure of investors after years of erratic policy.

Meanwhile, Thailand's finance minister said that the country's monetary policy must stay accommodative to support fiscal policy.

The baht, which is the region's worst performing currency this year dropped further, while stocks rose as much as 0.7% to hit their highest since Sept. 19

Stocks in the broader region were jittery, as traders reacted to a surge in US Treasury yields and renewed curbs to contain rising COVID-19 cases in Europe.

Shares in Philippines and Taiwan fell 0.1% and 0.3%, respectively, while equities in India and Singapore rose.

Singapore's gross domestic product grew 7.1% year-on-year in the third quarter, the Ministry of Trade and Industry said, higher than the 6.5% growth seen in the government's advance estimate.

The city-state's economy is expected to grow about 7% in 2021, at the top of the official forecast range. However, the government warned that the economy will expand at a slower pace next year as an uneven recovery continues across sectors.

South Korean stocks were down 0.4% and the won traded flat, a day ahead of the country's central bank rate decision.

A Reuters poll found that the Bank of Korea will raise interest rates and carry a tightening cycle into next year as it tries to curb rising inflation and soaring home prices that have households piling on ever more debt.

Highlights

** Top loser on Thailand's SETI was Salee Printing PCL, down 5.88%

** Indonesian 10-year benchmark yields down 0.3 basis points at 6.174%

** Investors await minutes of the Fed's policy committee's November meeting, to be published later in the global day