EM ASIA FX-Asian currencies hit by shrinking risk appetite as Trump health bill struggles

    * Risk aversion drives selling of Asian currencies
    * South Korean won, Indian rupee lead declines

 (Adds detail, updates prices)
    By Patturaja  Murugaboopathy 
    March 22 (Reuters) - Doubts the Trump administration would
be able to pass a new healthcare plan this week to replace
"Obamacare", let alone deliver promised tax cuts and corporate
deregulation, dragged down Emerging Asia currencies on
    Investors worried that a failed healthcare reform push would
 portend trouble for policy promises that have propelled
financial markets in recent months.
    "One thing we know for sure now is that there are no rubber
stamps for Trump's agenda," said Stephen Innes, senior trader at
     Asian stocks posted their biggest drop in two weeks on
Wednesday, hitting regional currencies as investors pulled out
of risk assets.
    The South Korean won and the Indian rupee
, which were the major gainers over the past week, fell
about a quarter of a percent each.
    The Taiwan dollar and the Philippine peso
also slipped, although China's yuan bucked the regional trend
after the People's Bank of China set its trading midpoint at the
strongest level this week.
    Analysts said North Korea's failed missile test on Wednesday
had litle if any effect on the South Korean won and other Asian
    Asian equities and currencies have risen this year on
improving economic data which has attracted risk-taking
    MSCI's broadest index of Asia-Pacific shares outside Japan
 has risen nearly 12 percent this year, while
currencies such as the South Korean won and the Taiwan dollar
have gained more than 5 percent each.
    But now doubts over the Trump administration's ability to
pull off big reforms has raised questions over whether Asian
markets could still lure investors in a more risk-averse
investment climate.
    A few analysts, however, are still positive.
    "Data from Asia has been pretty good compared to the end of
last year. We have seen the bottom of the the Asian economies'
lows," said Irene Cheung, senior FX Strategist at ANZ Bank
    "My core perspective is, you could see some currencies in
Asia outperforming based on fundamentals." 
  Change on the                                      
 day at   0701                               
  Currency         Latest bid  Previous day  Pct Move
  Japan yen      111.370             111.71     +0.31
  Sing dlr       1.399               1.3994     +0.01
  Taiwan dlr     30.490              30.458     -0.10
  Korean won     1123.300            1120.3     -0.27
  Baht           34.640              34.669     +0.08
  Peso           50.290              50.185     -0.21
  Rupiah         13326.000            13318     -0.06
  Rupee          65.458               65.29     -0.26
  Ringgit        4.423                4.423     +0.00
  Yuan           6.886               6.8928     +0.10
  Change so far                                      
  Currency       Latest bid    End 2016      Pct Move
  Japan yen      111.370             117.07     +5.12
  Sing dlr       1.399               1.4490     +3.56
  Taiwan dlr     30.490              32.279     +5.87
  Korean won     1123.300           1207.70     +7.51
  Baht           34.640               35.80     +3.35
  Peso           50.290               49.72     -1.13
  Rupiah         13326.000            13470     +1.08
  Rupee          65.458               67.92     +3.76
  Ringgit        4.423               4.4845     +1.39
  Yuan           6.886               6.9467     +0.89
 (Reporting by Patturaja Murugaboopathy; Editing by Eric Meijer)