EMERGING MARKETS-Stocks, currencies stumble as Middle East tensions keep markets on edge

* Higher energy costs complicate policy plans worldwide

* Asia explores ways to counter ​economic pressure ⁠from conflict

* Senegal's credit rating downgraded by S&P due to refinancing ​risks

* Oil prices rise above $100 due to escalating hostilities

March 30 (Reuters) - Emerging markets stocks and currencies fell on Monday as the month-long war in ​the ‌Middle East kept oil prices elevated, while markets seek clarity on talks between the U.S. and Iran.

Israel said that Iran launched multiple waves ⁠of missiles at Israel, and an attack had also been launched from ⁠Yemen.

The rise in energy costs as a ​result of the conflict weighed on sentiment, given the negative implications for global economic growth and the impact on fiscal and central bank policymaking.

MSCI's gauge for EM stocks lost 1.7% and hovered near January lows, while the currencies index slipped 0.2% against the dollar.

The stock ​index is on ‌track for its biggest monthly loss since the pandemic selloff in March 2020, while the currency index is set for its biggest monthly drop since September 2022.

Despite the gloom, some fund managers are still bullish on Asia.

"We had a previous kind of shock like this in terms of war and its impact on commodity prices, which was basically the war in Ukraine ​in 2022 ... the countries (today) are in a much better position to manage this kind of shock," said Ruchir Desai of Asia Frontier ‌Capital.

Asia has been looking at options to counter the economic impact of the conflict.

Vietnam has suspended some of its fuel taxes, while Indonesia's central bank said it had implemented ‌new foreign exchange repo transactions using its FX-denominated securities, which helped the rupiah avoid a record low.

India's rupee also found some support after the country's central bank asked banks to limit net open rupee positions to $100 million, shifting to an absolute dollar ​limit from a previous cap of 25% of total capital.

However, a subdued international debt market due to the conflict is likely to complicate options for ‌some countries.

Hard-currency bonds of countries such as Nigeria , Ghana and Kenya were marginally lower.

Meanwhile, ratings agency S&P lowered Senegal's local currency rating to "CCC+/C" from "B-/B", citing rising refinancing risks and the government's growing dependence on short-maturity domestic debt amid stalled talks on a new programme with ⁠the International ⁠Monetary Fund.

The country's bonds maturing in 2031 and 2048 were down about 0.1 cent ‌on the dollar, having already fallen 30% and 22%, respectively over the past year.

Eastern European countries, such as Poland and the Czech Republic, have also trimmed their ​bond sales recently.

There are some ​hopes for a de-escalation. U.S. President Donald Trump said the U.S. and Iran had ‌been meeting "directly and indirectly." Pakistan, which is acting as an intermediary between Tehran and Washington, said it was preparing to host "meaningful talks" in the coming days.

Later in the day, the central bank of Israel is expected to deliver its interest rate decision. The shekel was steady. (Reporting by Johann M Cherian in Bengaluru. Editing by Jane Merriman)