Losses in Asian currency markets are attributed to the Fed's hawkish stance and growth worries in Singapore.

On Thursday, the dollar strengthened as a result of pledges by Federal Reserve policymakers to continue rising rates despite a calming in inflation, and as the economic prognosis for Singapore deteriorated.

The value of the Japanese yen fell by 0.2% while the value of the Chinese yuan dropped by roughly 0.3%. Following Wednesday's advances, most major Asian currencies were trading lower on Thursday.

The US Dollar Index recovered 0.2% as of 23:21 ET (03:21 GMT), after falling 1.1% on Wednesday.

Following a range of losses, futures for the dollar index rose by 0.2%.

According to Reuters, Minneapolis Fed President Neel Kashkari indicated that the central bank is going to keep tightening policy until its inflation objective is met, despite the fact that Wednesday's softer-than-expected U.S. inflation report was a positive indication.

Because of this, the desired rate may climb to 4.4% by year's end.

Other Fed members, like the moderately dovish Evans and the moderately hawkish Kashkari, also anticipate that interest rates will continue to rise.

Traders are now pricing in a 50 basis point raise by the Fed at its next meeting, down from their early forecasts of a 75 basis point hike, and the stock markets have reacted positively.

The Singapore dollar declined 0.1% against the rest of Asia's major currencies after the island nation lowered its annual economic growth prediction to 3% to 4% from 3% to 5%.

Increased headwinds from global economic downturn were cited as the reason for the downward revision to the country's GDP number for the second quarter.

China, Singapore's major trading partner, is responsible for a lot of these headwinds.

After many COVID-19-related economic shutdowns this year, the mainland is still battling to get back on its feet.

After the central bank of Thailand raised rates on Wednesday, kicking off a monetary tightening cycle, the Thai baht remained unchanged.

The baht has rebounded strongly from this year's lows as optimism about the Thai economy has grown.

Additionally, the central bank gave the impression that rate hikes would be implemented at a gradual pace in order to control inflation.

The Indonesian rupiah gained 0.5% as a result of the drop in oil prices.

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