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Indonesian rupiah hits lowest since April 2020

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South Korean stocks snap a three-day rally

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Taiwan shares on track for best week since early March

(Updates at 0625 GMT)

By Rajasik Mukherjee

June 21 (Reuters) - Most emerging Asian currencies were

subdued on Friday, with the Indonesian rupiah touching a fresh

four-year low as the Federal Reserve's reluctance to cut

interest rates added pressure.

The Indonesian rupiah slipped as much as 0.3% to

16,475.00, the lowest since early April 2020, a day after Bank

Indonesia (BI) kept its interest rate unchanged and said it

would fine-tune other tools to stabilise the weakening currency.

The rupiah has lost more than 6% so far this year and is

among the worst performers in the region.

"Looking ahead, BI will intervene actively in the FX market,

optimise monetary instruments, and maintain strong yields to

attract capital inflows," Karinska Priyatno, a fixed income

analyst at Mirae Asset Securities, said in a note.

"With corporate USD demand peaking in the second quarter and

subsiding in third quarter, rupiah pressure is expected to ease

in the near future."

In the Philippines, the peso rose slightly on Friday, while

equities declined 1.6% - their lowest level since

mid-December - ahead of the central bank's monetary policy

meeting next week.

"(We are) expecting the BSP (Bangko Sentral ng Pilipinas) to

hold its current monetary policy settings. Number one driver for

the BSP to move, I believe, is still what the U.S. Fed wants to

do," said Ruben Carlo, chief economist at Manila-based Union

Bank.

Most other Asian currencies have declined sharply so far

this year. The Philippine peso, Thai baht, and

Taiwan dollar have each lost more than 5%, while the

Malaysian ringgit and Singapore dollar are down

more than 2%.

The Thai baht inched 0.2% up as the country's finance

minister is expected to meet with the central bank governor to

discuss the inflation target.

The Thai government has been pressurising the central bank

to cut its interest rates in a bid to shore up Southeast Asia's

second-largest economy.

Elsewhere in the region, the South Korean won was

down 0.2% while equities in Seoul lost 0.7%, breaking a

three-day rally.

South Korea's foreign exchange authorities said they agreed

with the National Pension Service to expand a currency swap line

to $50 billion from the current $35 billion to defend the

tumbling won against the dollar.

The won has fallen more than 7% against the dollar so far

this year.

Shares in Taipei lost 0.7% for the day, but were on

track for their best week since early March.

HIGHLIGHTS:

** Indonesian 10-year benchmark yields rise to 7.152%

** India business activity grew faster in June, job creation

at 18-year high, PMI shows

** Japan's demand-led inflation slows, clouds BOJ rate hike

path

Asia stock indexes and

currencies at 0625 GMT

COUNTRY FX RIC FX FX INDE STOCK STOCK

DAILY YTD % X S S YTD

% DAILY %

%

Japan -0.03 -11.2 % %

China EC>

India +0.07 -0.46 Indones -0.18 -6.44 Malaysi -0.08 -2.59 Philipp +0.19 -5.75 S.Korea 11>

Singapo +0.08 -2.52 Taiwan -0.04 -4.96 Thailan +0.15 -6.84