for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

EMERGING MARKETS-Most Asian currencies rise on dollar weakness, Indonesian rupiah at 6-week high

    * U.S. inflation data softer than expected
    * Philippine stocks mark best day since Oct 

    By Archishma Iyer
    Aug 11(Reuters) - The Indonesian rupiah rose to a more than
six-week high on Thursday as most Asian currencies gained
against a weaker U.S. dollar after softer-than-expected U.S.
inflation data tempered worries of aggressive rate hikes by the
Federal Reserve.
    The rupiah and South Korea's won jumped
0.6% each, while the Philippines Peso was marginally up.
Among other currencies, Malaysia's ringgit and the Taiwan
dollar firmed 0.2% each. 
    "Risk appetite across global markets has been improving in
recent times, and the rupiah being a high-carry currency in
particular has been a big beneficiary," said Alvin Tan, head of
Asia FX strategy at RBC Capital Markets.
    However, Indonesia remains a laggard in Southeast Asia that
is yet to raise its interest rate, after the Thai central bank
earlier this week raised its policy rates for the first time in
four years.
    In the United States, consumer prices in July were flat
sequentially and increased by a weaker-than-expected 8.5%
year-on-year, primarily due to a drop in petrol prices since
mid-June.
    With inflationary pressures still elevated, prices data will
continue to be in focus as the Fed considers if another outsized
rate hike is needed in September.
    "Downside surprise in the U.S. July CPI reading last night
reinforces our expectations for CPI to grind lower over time,
and for growth jitters to become more apparent into year-end,
which would support some retracement of 1H dollar strength in
second-half," analysts from Maybank said in a note.
    Traders are now pricing in a 50-basis-point hike next month,
rather than the 75-bp increase expected before the inflation
print.
    In Asia, the Singapore dollar was flat after data
showed the city-state's economy expanded less than estimated in
the second quarter and the government cut its 2022 growth
projections, flagging risks to the global outlook from the
Russia-Ukraine war and surging inflation.
    The Chinese yuan eased 0.2% after export hub Yiwu
in Zhejiang province imposed a three-day lockdown to contain a
recent COVID-19 outbreak.
    Among stock markets in the region, the Philippines
jumped more than 3% in its best session since October, while
Malaysia, Indonesia and Taiwan rose in a
range of 0.7% and 1.7%.
    
    HIGHLIGHTS: 
    ** Indian rupee holds firm on hopes of less hawkish Fed

    ** Top gainers in Philippines include Robinsons Land Corp
, Ayala Land and Wilcon Depot,
rising in a range of 6.3% and 7%
    ** Indonesia's benchmark 10-year yield down 7.022% 
    
    
 Asia stock indexes and currencies                           
 at 0705 GMT                                        
 COUNTRY   FX RIC          FX     FX  INDE  STOCKS     STOCKS
                      DAILY %  YTD %     X   DAILY      YTD %
                                                 %  
 Japan                  +0.14  -13.2  <.N2  #VALUE   #VALUE!
                                   7  25>     !     
 China     <CNY=CFXS    -0.20  -5.68  <.SS    1.54      -9.89
           >                          EC>           
 India                  +0.09  -6.44  <.NS    0.83       1.88
                                      EI>           
 Indonesi               +0.64  -3.55  <.JK    1.21       8.97
 a                                    SE>           
 Malaysia               +0.22  -6.32  <.KL    0.78      -4.06
                                      SE>           
 Philippi               +0.09  -7.89  <.PS    3.23      -6.20
 nes                                  I>            
 S.Korea   <KRW=KFTC    +0.57  -8.76  <.KS    1.73     -15.24
           >                          11>           
 Singapor               -0.01  -1.53  <.ST    0.46       5.70
 e                                    I>            
 Taiwan                 +0.17  -7.53  <.TW    1.73     -16.58
                                      II>           
 Thailand               +0.10  -5.40  <.SE    0.35      -2.09
                                      TI>           
 

 (Reporting by Archishma Iyer in Bengaluru; Editing by
Subhranshu Sahu)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up