A string a weak economic numbers across leading economies in the recent days, including weak PMI data for Europe on Friday, added to fears about a global slowdown.

The MSCI index for developing world stocks fell more than 1 percent, dragged down by mainland China and Hong Kong shares. The yuan slipped 0.3 percent.

China reporter retail sales grew at their weakest pace in November since 2003 and industrial output rose the least in nearly three years, putting pressure on Beijing to defuse its trade dispute with the United States.

"Our Asia strategist describes them as ugly, noting also than Chinese officials suggest the impact of trade frictions is `not yet obvious', so there may be worse to come," Adam Cole, RBC's global FX strategist, wrote in a client note.

China is set to hold its annual Central Economic Work Conference next week, where regulators are expected to offer stimulus measures.

Stocks also fell in India , ending a three-day rally. The rupee lost 0.5 percent before a central bank board meeting headed by a new governor.

Most developing-world currencies fell as the US dollar gained ahead of the US Federal Reserve's policy meeting next week. The Fed is widely expected to raise interest rates by 25 basis points, but greater focus will centre on the policy outlook for 2019, over which there is more uncertainty.

Among the worst-hit currencies on the day was South Africa's rand, which fell more than 1.3 percent.

Russia's rouble weakened 0.3 percent ahead of its central bank meeting, with analysts divided on whether the central bank might raise rates.

Fifteen analysts and economists polled by Reuters expect the key rate to be left at 7.50 percent. Twelve said an increase to 7.75 percent looked possible.

The central bank may also announce it will resume foreign- exchange purchases for state reserves, which were suspended earlier this year amid increased market volatility.

"The decision to resume its regular FX purchases in the open market should be consistent with a marginal easing of the policy, which was also the reason behind the shift in the market's expectations in favour of the policy rate hike," Credit Suisse analyst Alexey Pogorelov wrote in a note.

Turkey's lira and the BIST 100 stock index were set for losses, after the central bank kept rates unchanged as inflation slowed more than expected in November.