Asian Currencies and Stocks Tumble on Surging Dollar and Geopolitical Worries

• Emerging market currencies dropped to 2024 lows due to rising dollar and geopolitical tensions • Indonesia's rupiah and South Korea's won hit hard, forcing central bank interventions • China weakened its daily yuan reference rate, adding pressure across Asia • Strong US economic data reduces bets on Fed rate cuts, bolstering the dollar • Asian stocks extend losses, with emerging market equity index down close to 2%