SINGAPORE, Nov 6 — Singapore’s dollar and Thailand’s baht fell the most among Asian currencies today, while the Mexican peso hit a two-year low as the dollar rallied on wagers for Donald Trump to win the US presidential election, which stayed too close to call.

The Singapore dollar tumbled 1.6 per cent to its lowest in three months, set for its worst session since November 2011.

Thailand’s baht slumped 1.3 per cent to a two-month low, while the South Korean won also fell as much as 1.5 per cent to its lowest since mid-April.

The dollar index, measuring the currency against six major peers, climbed 1.42 per cent and US Treasury yields also surged to multi-month peaks. Trump took an early lead over Democrat Kamala Harris in the hotly contested election as solid Republican-leaning states reported first, but the outcome stayed uncertain, with key battleground states unlikely to be called for hours — or even days.

Reuters’ vote count shows Trump winning 211 electoral college votes against 153 for Harris so far. A candidate needs at least 270 to win.

Analysts view Trump’s proposed tariff and immigration policies as inflationary, and are therefore likely to put upward pressure on inflation, bond yields and the dollar, and undermine the currencies of trading partners.

"The market is still making positioning adjustments to prepare for a possible Trump victory,” said Ken Cheung Kin Tai, chief Asian FX strategist at Mizuho Bank.

"Regional investors are particularly worried about the impact from tariffs because most Asian economies rely on trade growth.”

MUFG analysts feel the South Korean won, Singapore dollar, Thai baht and Malaysian ringgit will be hit harder by a potential Trump win, because of their export orientation and sensitivity to a potential slowdown in China’s growth.

The yuan and Mexican peso are seen as most vulnerable to a stronger dollar and heavier tariffs under Trump.

The peso dropped as low as 20.7080 to the dollar for the first time since August 2022.

The ringgit, South-east Asia’s best performing currency this year, also fell 1.3 per cent to its lowest, since mid-August ahead of an interest rate decision.

Bank Negara Malaysia (BNM) is likely to hold its key interest rate steady at 3.00 per cent, a Reuters poll showed.

The central bank also said it was closely monitoring the US election and was prepared to manage market volatility and ensure orderly market conditions.

The Indonesian rupiah fell 0.8 per cent to a nearly three-month low. An official said Indonesia’s central bank was also ready to stabilise the rupiah, including steps such as intervention, if there was excessive volatility.

Regional stock markets were mixed, with equities in Seoul down 1 per cent, while those in Taipei rose 1 per cent and Kuala Lumpur was up 0.4 per cent. — Reuters