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Asian FX muted as dollar ticks higher

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Focus on magnitude of Fed rate cuts

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EM stocks rise, with India at record high

(Updates at 0753 GMT)

By Archishma Iyer and Sherin Sunny

Aug 28 (Reuters) - Most emerging Asian currencies

flitted in narrow ranges on Wednesday as the U.S. dollar ticked

higher, while most stock markets rose, with traders focussed on

the magnitude of the Federal Reserve's widely anticipated

interest rate cut next month.

The dollar index rose about 0.2% to 100.82 at 0740

GMT, hovering near a 13-month low, as markets weighed up the

likelihood of a 50-basis-point U.S. rate cut, rather than the

more widely expected 25-bps cut.

"Some profit-taking on USD shorts is seen today ahead of

major tech earnings," said Chris Wong, OCBC currency strategist.

"I expect the dollar to remain a 'sell-on-rally' as the Fed

cut amidst a goldilocks setting should provide a sweet spot for

pro-cyclical currencies, including the South Korean won and

Asian FX to recover."

In Asia, the Thai baht fell nearly 0.3%, while the

Singapore dollar, Malaysian ringgit and Indian

rupee traded between flat and 0.3% lower

The South Korean won ended 0.6% lower, while

Seoul stocks closed flat.

Tech-heavy benchmarks such as in South Korea and Taiwan

treaded with caution ahead of U.S. chip giant Nvidia's ( NVDA )

quarterly earnings due after U.S. market hours.

Most other stock markets rose, with India hitting an

all-time high on optimism that U.S. rate cuts will boost IT

stocks and also help reroute foreign inflows into the emerging

market.

Among others, Jakarta and Taipei gained 0.8%

each.

Kuala Lumpur stocks jumped as much as 1.8% to their

highest since mid-December 2020, led by financial stocks.

Malayan Banking gained 1.9% after reporting a rise in

quarterly profit.

In the Philippines, the peso did not trade on the day

due to monsoon rains, while stocks drifted 0.2% lower.

HIGHLIGHTS:

** Vietnam completes key power transmission line to northern

industrial hub

** Party of Thailand's new PM drops military-backed party

from coalition government

** India's NSE applies for no-objection with markets

regulator for public offer

Asian stocks and currencies at 0753 GMT

Japan -0.37 -2.37

0.22 14.67

China -0.07 -0.44 -0.40 -4.62

India -0.05 -0.90 0.32 15.49

Indonesia +0.45 -0.16 0.84 5.35

Malaysia +0.05 +5.69 1.30 15.06

Philippines -1.46 -0.22 7.88

-

S.Korea -0.37 -3.59 0.02 1.30

Singapore -0.16 +1.23 -0.35 4.52

Taiwan -0.14 -3.88 0.84 24.76

Thailand -0.25 +0.53 -0.06 -3.70