During Tuesday's Asian trading, Southeast Asian currencies plunged against the U.S. dollar as a slump in Asian stocks decreased demand for emerging market assets. The currencies of South Korea, Hong Kong, Thailand, Taiwan, Malaysia and Singapore dipped to new multi-day lows against the greenback.

The Indian rupee, Philippine peso and Chinese Yuan also traded lower against the US dollar. On the other hand, the Pakistan Rupee showed strength against the buck.

Asian markets are trading weak on Tuesday with investors indulging in some heavy selling following a negative close on Wall Street overnight. Markets in Australia, Japan, and South Korea are trading lower. Other markets across the Asia-Pacific region Shanghai, Hong Kong, New Zealand and Indonesia are trading notably lower with their benchmark indices losing between 1%- 1.75%. Singapore and Taiwan are also trading weak, but with less pronounced losses. Most of the markets in the region had ended higher on Monday.

On Wall Street, stocks gave up early gains and declined sharply on Monday amid a considerable pullback in the financial and commodity sectors. The Dow closed with a loss of 104.2, or 1.1%, at 9,868, the Nasdaq declined 12.6 points, or 0.6%, to 2,142, and the S&P 500 ended down 12.7 points, or 1.2%, at 1,067.

On the equity front, from U.S., the S&P/Case-Shiller home price index, is scheduled to be released at 9 am ET. Economists expect an 11.90% year-over-year decline in the 20-city composite house price index for August.

At 10:00 am ET, the Conference Board is scheduled to release its consumer confidence report for October. The report is expected to show that the consumer confidence index rose to 53.5 in October.

During early Asian deals on Tuesday, the South Korean won slipped to a 4-day low of 1190.05 against the US dollar. This may be compared to Monday's closing value of 1180.50. On the downside, 1193.4 is seen as the next target level for the Korean currency.

In early Asian deals on Tuesday, the Singapore dollar showed weakness against its US counterpart. The Singapore dollar touched a 15-day low of 1.4011 against the dollar, with 1.405 seen as the next downside target level. At yesterday's close the pair was quoted at 1.3980.

The Thai baht that closed yesterday's trading at 33.4250 against the U.S. dollar weakened to 33.5150 during early Asian deals on Tuesday. This set a 5-day low for the Thailand currency. The near term support for the Thailand currency is seen around the 33.69 level.

The Hong Kong dollar edged down against the US dollar during Tuesday's early Asian trading and hit a 5-day low of 7.7510. If the Hong Kong currency moves further downwards, 7.751 is seen as the next downside target level. At Monday's New York session close, the pair was quoted at 7.7502.

The Taiwan dollar declined to a 12-day low of 32.5670 against the U.S. currency in early Asian trading on Tuesday. The next downside target level for the Taiwan dollar is seen at 33.262. The pair closed yesterday's deals at 32.4020.

The Philippine peso weakened against the dollar after hitting a 12-day high of 46.2150 at 9:15 pm ET Monday. The peso thus dipped to a 4-day low of 47.3950 per dollar within an hour. If the Philippine currency drops further, it may target the 47.46 level. At yesterday's close, the dollar-peso pair was quoted at 46.99.

The Malaysian ringgit that closed yesterday's trading at 3.3830 against the U.S. dollar fell to a 5-day low of 3.4085 during early Asian deals on Tuesday. The next downside target level for the Malaysian currency is seen at 3.411.

In early Asian deals on Tuesday, the Singapore dollar showed weakness against its US counterpart. The Singapore dollar touched a 15-day low of 1.4011 against the dollar, with 1.405 seen as the next downside target level. At yesterday's close the pair was quoted at 1.3980.

The Indian rupee fell sharply against the US dollar during Tuesday's early trading. The rupee that was worth 46.5750 against the dollar at yesterday's New York session close, hit as low as 46.9650 by 11:30 pm ET. On the downside, 47.53 is seen as the next downside target level.

In early deals on Tuesday, the Pakistan rupee climbed against the US currency. The rupee reached 83.31 against the buck, compared to yesterday's close of 83.36. If the rupee rises further, 82.91 is seen as the next upside target level.

The Chinese yuan traded lower against its US counterpart during Tuesday's early Asian trading. The yuan is now trading at 6.8325 versus the buck, and if it drops further 6.835 is seen as the next target level. At Monday's New York session close, the pair was quoted at 6.8288.

The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.8284. The pair is allowed to move 5% above or below the target rate.

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