By Narayanan Somasundaram Netty Idayu Ismail Indonesia, India central banks said to buy own currencies Bloomberg dollar gauge on course for best week since May 2015 Central banks from India to Indonesia stepped in to stabilize their currencies and the yen snapped a five-day losing streak as an Asian market selloff deepened on concern Donald Trump will pursue policies that spur capital outflows from developing economies and weaken their exports. The yen strengthened against all except one of its 31 major peers on haven demand. The Indonesian rupiah, Indian rupee and South Korean won were among the worst performers. Trump has signaled he’ll adopt more protectionist trade policies, while introducing fiscal stimulus that’s likely to hasten interest-rate increases by the Federal Reserve, providing a shot in the arm for U.S. stocks. The S&P 500 Index gained 0.2 percent Thursday, adding to a 1.1 percent gain on Nov. 9. “We are seeing carnage in Asian FX markets,” said Robert Rennie, head of financial markets strategy at Westpac Banking Corp. in Sydney. “It’s providing a very strong reminder that the S&P 500 is not the correct barometer of Trump-driven risk aversion — it’s Asian currencies.” The yen advanced 0.4 percent to 106.37 per dollar as of 10:04 a.m. in London. The euro declined 0.3 percent to $1.0857. The rupee sank to a seven-week low of 67.105 per dollar. The rupiah plunged as much as 3 percent to reach a five-month low of 13,545 against the greenback as emerging-market currencies headed for their worst three-day rout since 2013. The won was 1.2 percent weaker after dropping to a level not seen since June 29. Indonesia’s monetary authority is already in the market to stabilize the rupiah, and doesn’t see much fund outflows and expects the move to be temporary, Nanang Hendarsah, head of financial market deepening at the nation’s central bank, said in a text message. Bank Negara Malaysia Governor Muhammad Ibrahim said the monetary authority’s role is to continue managing “extreme volatilities in the ringgit with no targeted level.”Indian state-run banks sold dollars on behalf of the Reserve Bank, according to two Mumbai-based traders, who asked not to be identified. Former Governor Raghuram Rajan had said the central bank intervenes to curb volatility and doesn’t target any particular rupee level. Bank Negara Malaysia Governor Muhammad Ibrahim said the central bank’s role is to continue managing “extreme volatilities in the ringgit with no targeted level.” Ringgit forwards tumbled even as movements in the spot currency remained restrained after the Malaysian central bank’s comments. One-month non deliverable contracts dropped 2 percent to 4.4595 ringgit per dollar, while the spot rate was down 0.2 percent at 4.2825. The Singapore dollar climbed Friday, snapping a two-day drop, after the nation’s central bank said it was ready to curb excessive currency volatility if needed.