SINGAPORE -- Asian currencies came under pressure on Friday as stocks fell on concerns about the region's economic outlook, with Singapore dollar and Thai baht falling from multi-month highs.

The Singapore dollar fell almost 0.8 percent to 1.4515 per US dollar, off its three-month high of 1.4168 hit in the previous session.

A trader in Singapore said investors who had sold the US dollar near the 1.4168 level were buying back the unit, but the Singapore dollar should be supported near 1.45.

The Thai baht fell to 34.59 per dollar, down 0.7 percent from its two-month high of 34.34 hit on Thursday.

Some traders suspected the central bank was briefly in the market to buy dollars to try to stem the baht's recent strength.

"They just triggered the upside move (for the dollar) this morning, then players who holding short dollar positions started to cover their positions," said one trader in Bangkok.

Most Asian central banks tried to support their currencies, which were severely hit by the global financial crisis, by selling dollars in the market earlier this year.

Analysts remained cautious about the near-term outlook of Asian currencies as recent regional data, particularly a dip in China's exports, painted a gloomy picture.

"This to us should mean risk aversion should remain high and we wouldn't rule out more de-leveraging in the first half of 2009," analysts at UBS said in a note.

"In our view, the surer way for the dollar to embark on a sustained trend-weakness is if the world re-leverages. For now though we do not think the global conditions are right for that just yet."

The yen dipped against the dollar after the Bank of Japan cut interest rates by 20 basis points to 0.10 percent.

The Japan's rate cut followed US Federal Reserve's move to slash its key interest rate close to zero earlier this week.

Asian shares outside Japan were down about 0.4 percent at 0500 GMT.

Elsewhere in emerging Asia, the Philippine peso fell a third of a percent to 46.92 per dollar, a day after it hit 46.6 -- the highest level since Sept. 26.

The Malaysian ringgit lost 0.3 percent to 3.47 per dollar, off its 2-1/2-month high of 3.45 hit on Thursday.

"We expect some ringgit consolidation today due to the Friday factor and Asian equity weakness," said a trader in Kuala Lumpur.

The ringgit has gained 4 percent so far this month as part of a regional rally supported by stronger regional stocks.

The ringgit in three-month offshore non-deliverable forwards eased to 3.474 per dollar from 3.467 on Thursday.