ASIAN currencies and shares fell on Monday, with most currencies hitting multi-year lows towards the greenback, because the U.S.

Federal Reserve's hawkish financial coverage stance stoked financial slowdown fears and raised the buck's safe-haven attraction.

The Philippine peso and the Indian rupee hit report lows of 59.07 and 81.5775 per greenback, respectively.

Malaysia's ringgit fell 0.4% to 4.5960 per greenback, its lowest since January 23, 1998, whereas the Thai baht hit a greater than 16-year low and weakened 0.8%.

Singapore's greenback and Indonesia's rupiah fell 0.3% and 0.6%, respectively. Each currency hit its weakest since April 2020.

China's central financial institution introduced recent steps to sluggish the tempo of the yuan's latest depreciation by making it costlier to guess towards the forex.

Equities within the area have been broadly decreasing, with shares in Seoul and Taipei’s main losses as they dropped 3% and a pair of.4%, respectively.