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Standard Chartered, which has earned more than 90 per cent of its overall profit in emerging markets, has cut its forecasts for five Asian currencies due to slower regional growth.

The common key factors for the bank's forecast revision in these countries were current-account deficits, inflation getting out of control and central banks being insufficiently hawkish, said Thomas Harr, a senior currency strategist at Standard Chartered in Singapore.

According to Bloomberg, the London-based bank lowered its one-year predictions for the Inidan rupee, Pakistani rupee, Philippine peso, South Korean won and baht in a research note on Wednesday.

All of the currencies weakened against the US dollar last quarter on concern quicker inflation and a global slowdown will cool their economies.

"This Asian currency correction will continue into the first half of next year," Harr said in an interview.

"A lot of the focus now on current-account deficits and inflation will have a knock-on effect on slowing growth."

Standard Chartered lowered its end of June 2009 forecasts for the Indian rupee to 44.5 from 41.8, the baht to 35.5 from 33.5 and the won to 1,030 from 960.