Nov 19 (Reuters) - Most emerging Asian currencies fell on Friday, with the South Korean won leading losses, as the dollar firmed broadly while Indonesian shares hit a record high after the country swung to a current account surplus amid a brightening economic outlook. The South Korean won dropped by as much as 0.4%, and closed onshore trading at its weakest level in a month. The Thai baht and the Singapore dollar weakened 0.1%, each.The dollar was set to post a second week of gains and touched a 16-month high. The greenback has been rallying since data showed last week that U.S. inflation in October had hit a 31-year high. Equity markets were mixed, with shares in Singapore (.STI) and Taiwan falling 0.1% each, after disappointing earnings from Chinese e-commerce giant Alibaba <9988.HK > stoked worries about slowing growth in the region"s biggest trading partner. read morePhilippine shares (.PSI) had tumbled over 1% earlier in the session, but managed to recoup most of the losses and were down 0.3% by 0742 GMT. The bourse posted its first weekly loss in three. Lack of local catalysts and profit-taking was dragging the Philippine benchmark down, according to Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines. On the upside, Indonesian shares (.JKSE) rose over 1% after third-quarter current account data showed a surplus of $4.5 billion as merchandise exports got a boost from high commodity prices. read more Also aiding sentiment was Bank Indonesia"s (BI) decision on Thursday to hold rates at a record low and its bullish assertion that economic activity would pick up in the fourth quarter and in 2022. "Into 2022, the BI will be keen to preserve this year"s rupiah stability and bond outperformance, just as the U.S. Fed begins to taper its asset purchases and tighten rates," Radhika Rao, a senior economist at DBS wrote in a note on Thursday. The Indonesian rupiah is one of Asia"s best performing currencies of 2021, having depreciated only 1.4% against the dollar. Equities in Japan (.N225) rose after Prime Minister Fumio Kishida announced a record $490 billion spending package to cushion the economic blow from the COVID-19 pandemic. read more South Korean shares (.KS11) logged their first weekly gain in five, with technology giants Samsung Electronics (005930.KS) and SK Hynix (000660.KS) powering the gains. Indian markets were closed for a holiday. HIGHLIGHTS: ** Malaysia"s 10-year benchmark yield is up 0.2 basis points at 3.579% ** Indonesian 3-year benchmark yields are down 0.8 basis points at 4.562%​​ ** Technology giants Samsung Electronics (005930.KS) and SK Hynix (000660.KS) power gains on South Korean Benchmark