BENGALURU: Asian currencies extended losses on Thursday, pressured by the greenback surging to a one-year high on momentum triggered by Donald Trump’s election victory while emerging market stocks traded lower on an uncertain economic outlook.

Ringgit, Thai baht, and the Indonesian rupiah were all trading at their weakest levels in at least three months, with ringgit clocking its fourth consecutive session of losses.

The Philippine stock index fell 2.3%, slipping for the seventh straight session, while shares in Jakarta shed more than 1%. Benchmark indexes in Malaysia and Thailand also edged lower.

Assets in Asia have suffered significantly in the aftermath of Trump’s win in the US presidential election last week as his policies are seen fanning inflation which could mean a shallower US rate cut cycle.

The risks of possible tariff hikes for Chinese and Asian exports to the United States have emerged as another major concern for currency markets.

“In general, we think tariffs should hurt trade, which is a headwind for regional currencies,” Saktiandi Supaat, chief FX strategist at Maybank, said.

On equities, Supaat said, “general appetite for risk seems to be more measured and as such regional equity markets are mixed and not quite tracking the rally in US equities”.

Outflows have picked up pace in Malaysia and Thailand as their trade-dependent economies are vulnerable to tariff risks. Their currencies have lost around 4% since the US election outcome.

“Indonesia and India are more domestic demand driven, and are thus perceived by investors to be relatively more resilient to tariff threats compared to Asian peers,” DBS analysts said.