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EM ASIA FX-Asian currencies subdued by uncertainty over US tax reform plans

 (Adds text, updates prices)
    By Aditya Soni
    Nov 13 (Reuters) - Most Asian currencies were subdued on
Monday as uncertainty about U.S. President Donald Trump's tax
reform plans checked investor enthusiasm.
     The head of the House of Representatives' tax-writing
committee said on Sunday he would not accept elimination of a
federal deduction for state and local taxes, opposing a proposal
from Senate Republicans that would hike taxes for some middle
class Americans.
    "Digesting tax reform banter is an unsavoury business as
even the ambient noise is triggering unusual moves across asset
classes which has traders scurrying looking for answers,"
Stephen Innes, head of trading in Asia-Pacific for Oanda in
Singapore, wrote in a note.
    "But when usual correlations break down, it creates
conflicting messages producing a scrambled picture and price
discovery becomes virtually impossible," he said.
     The dollar was also pressured by worries over possible
delays to Trump's tax plans, but it managed to move up slightly
in Asia. 
    The dollar index was up versus a basket of currencies
during the session, underpinned by a rise in long-term U.S.
Treasury yields on Friday. 
    The South Korean won led the losses among
regional currencies, falling 0.3 percent, in tandem with the
KOSPI stock index which eased 0.5 percent as investor
appetite for riskier assets ebbed.
    The Chinese yuan, Taiwan dollar and
Singapore dollar all lost ground marginally.  
    Nudging in the positive direction, the Thai baht
advanced 0.1 percent to a near 4-week high, while the Malaysian
ringgit also firmed slightly.
    The ringgit was supported by Bank Negara Malaysia's hawkish
stance, while Thailand's strong fundamentals underpinned the
baht, said Qi Gao, FX Strategist at Bank of Nova Scotia.
    Malaysia's central bank said on Thursday it may consider
reviewing the current degree of monetary accommodation given
strength of global and domestic macroeconomic conditions.
Inflation for full-year 2017 is expected to come in at the
higher end of its forecast range of 3-4 percent.
    The Bank of Thailand senior director Don Nakornthab said
exports could grow more than the forecast 8 percent this
    The Indian rupee softened 0.2 percent to its lowest
in over a month, ahead of the release of its inflation data
expected later in the day. 
    A Reuters poll forecast India's retail inflation to have
sped up to a seven-month high in October, led by a rebound in
food prices as unexpected rains destroyed crops, diminishing the
chances of further interest rate cuts.
    A majority of the India's central bank's Monetary Policy
Committee voted to keep rates steady last month on concerns that
rising consumer prices would threaten the central bank's
medium-term inflation target of 4 percent.
    The following table shows rates for Asian currencies against
the dollar at 0532 GMT.
  Change on the day                                    
   at   0532 GMT                               
  Currency           Latest bid  Previous day  Pct Move
  Japan yen          113.640           113.53     -0.10
  Sing dlr           1.361             1.3600     -0.04
  Taiwan dlr         30.193            30.172     -0.07
  Korean won         1120.200          1117.1     -0.28
  Baht               33.070             33.11     +0.12
  Peso               51.210            51.245     +0.07
  Rupiah             13552.000          13530     -0.16
  Rupee              65.333             65.16     -0.26
  Ringgit            4.185               4.19     +0.12
  Yuan               6.647             6.6411     -0.08
  Change so far                                        
  Currency           Latest bid  End 2016      Pct Move
  Japan yen          113.640           117.07     +3.02
  Sing dlr           1.361             1.4490     +6.50
  Taiwan dlr         30.193            32.279     +6.91
  Korean won         1120.200         1207.70     +7.81
  Baht               33.070             35.80     +8.26
  Peso               51.210             49.72     -2.91
  Rupiah             13552.000          13470     -0.61
  Rupee              65.333             67.92     +3.96
  Ringgit            4.185             4.4845     +7.16
  Yuan               6.647             6.9467     +4.52
 (Reporting by Aditya Soni in Bengaluru)