The U.S dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.

The tradeoffs facing global central bankers - between jobs, inflation and growth - are likely to get worse in coming years as the world struggles to right job markets and supply chains, and price pressures continue, Gita Gopinath, the International Monetary Fund's first deputy managing director, told global policymakers on Friday.

European Central Bank policymakers made the case on Saturday for a large interest rate hike next month as inflation remains uncomfortably high and the public may be losing trust in the bank's inflation-fighting credentials.

India likely recorded strong double-digit economic growth in the last quarter but economists polled by Reuters expected the pace to more than halve this quarter and slow further toward the end of the year as interest rates rise.

Singapore's industrial output in July grew 0.6% year-on-year, well below forecasts, partly due to a decrease in the output of electronics and biomedical manufacturing, official data showed on Friday.

Lending to euro zone companies continued to surge in July, beating expectations for a slowdown due to rising recession fears and plans by lenders to tighten access to fresh credit, European Central Bank data showed.