By Rishav Chatterjee

May 19 (Reuters) - The Malaysian ringgit extended losses on Monday after the central bank lowered its annual growth forecast, while other emerging currencies were mixed against a dollar softened by Moody's downgrade of the United States' credit rating.

Malaysia's currency MYR= fell as much as 0.5% to 4.313 per U.S. dollar while equities .KLSE dropped 1%.

The Southeast Asian country's economy expanded by 4.4% in the first quarter, data showed Friday, slowing from the previous quarter. The central bank flagged a dimmer outlook as persistent trade tensions weighed on consumer spending and investment.

Analysts at Citi described the data as dovish and said it may bring the central bank closer to a 25-basis-point rate cut in the second half of the year.

Elsewhere in the region, the Thai baht THB=TH led gains among Asian currencies, while the Taiwan dollar TWD=TP and Singapore dollar SGD= also edged higher. The Indonesian rupiah IDR= fell 0.4% while the Philippine peso PHP= was more or less unchanged.

The U.S. dollar softened in early Asia trade, after a sharp 0.6% advance last week, with Moody’s surprise downgrade intensifying concerns around the country's bloating debt pile.

"While there was some relief from the temporary pause in U.S.-China tariffs, Moody’s downgrade of U.S. credit rating has added a layer of uncertainty," said Mohit Mirpuri, an equity fund manager with SGMC Capital.

Data from Thailand showed gross domestic product grew more than expected during the first quarter but the state planning agency lowered its annual forecasts on lingering worries over the country's export-focussed economy.

The Bank of Thailand had downplayed the chances of more rate cuts last week despite a worsening economic outlook from trade concerns, challenges stemming from an aging population, low productivity, and high household debt.

Equity markets were downbeat in emerging Asia while Chinese shares .SSEC pared some losses after China's industrial output grew faster than anticipated in April.

Underwhelming economic data out of China underscored the mounting challenges for the economy posed by its ongoing trade spat with the U.S.

U.S. equity futures dipped as global markets continued to assess the fallout from Moody’s credit action. Stocks in Thailand .SETI and Singapore .STI fell 0.2% and 0.2% respectively.

Shares in Taiwan .TWII and South Korea .KS11 fell 1.2% each.

HIGHLIGHTS:

** Singapore says its growth forecast may need further adjustment amid uncertainty

** Malaysia's GDP slows in Q1, outlook hit by trade tensions

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Saad Sayeed)

((Rishav.Chatterjee@thomsonreuters.com;))