EM ASIA FX-Won, ringgit lead gains on Cyprus relief; Sing dlr up on CPI

* Won up 0.8 pct on exporters, offshore funds * Ringgit gains 0.5 percent on specs; 200-day MA resisted * Singapore CPI rise bolsters view policy will not change (Adds text, updates prices) By Jongwoo Cheon SINGAPORE, March 25 (Reuters) - The South Korean won and the Malaysian ringgit led solid gains among emerging Asian currencies on Monday as a Cyprus deal with international lenders for a bailout boosted appetites for risky assets. The won saw its best daily gain in nearly two months on demand from offshore funds and exporters. The ringgit was also on course to enjoy its largest daily appreciation since Jan. 2 as interbank speculators covered short positions on exporters' demands. The Singapore dollar hit a near three-week high as faster-than-expected inflation data bolstered expectations that the central bank will maintain a tightening policy bias. Regional stock markets also rose as Cyprus agreed with the European Union, the European Central Bank and the International Monetary Fund on a bailout that will shut down the island's second-largest bank, and inflict heavy losses on uninsured depositors, including wealthy Russians. "There is more interest in selling dollars against some emerging Asian currencies around the current levels," said a European bank trader in Singapore, adding that the won and the ringgit might strengthen further. Last week, most emerging Asian currencies slid as Cyprus reignited worries about the euro zone's debt crisis. WON The won ended local trade up 0.8 at 1,110.8 against the dollar, its largest daily percentage gain since Feb. 4, according to Thomson Reuters data. Demand from exporters for month-end settlements and offshore funds prompted local interbank speculators to square bearish bets on the South Korean currency. Still, the won faced chart resistance at a 200-day moving average of 1,108.3 per dollar as foreign investors kept selling Seoul shares. Foreign investors were net sellers in the main stock market for an eighth consecutive session. They have unloaded combined net 2.4 trillion won ($2.14 billion) during the period, according to Korea Exchange data. Domestic importers also bought dollars for payments, traders said. "It looks difficult for the won to rise further. Most of all, we need to confirm that the won secured a firm support at 1,120," said a South Korean bank trader in Seoul, referring to the currency's low on March 20. RINGGIT The ringgit rose 0.5 percent to 3.0975 against the dollar as of 0810 GMT. If the local currency maintains the gain, this would be the largest daily percentage appreciation since Jan. 2 when it rose 0.8 percent, according to Thomson Reuters data. Still, investors hesitated to push the ringgit firmer than a resistance level around 3.0900, with a current 200-day moving average at 3.0888, given caution ahead of a national election that must be called before the end of April. The Malaysian currency has been closing daily sessions weaker than the average since March 2. The ringgit has lost 1.2 percent against the dollar this year, Thomson Reuters data showed. Maybank said in a note that the momentum was now with the ringgit and 3.0900 was in sight, but its gains were likely to be capped by uncertainties over the coming election. Malaysia's financial markets were caught napping in 2008 when shock election gains by the opposition redrew the country's political map and sparked a 10 percent one-day plunge in the main index. SINGAPORE DOLLAR The Singapore dollar rose as much as 0.4 percent to 1.2436 to the U.S. dollar, its strongest since March 6. The government said annual consumer inflation in Singapore accelerated to 4.9 percent in February. That is higher than January's 3.6 percent and a market forecast of a 4.1 percent rise in a Reuters poll. "The data supports my view that the MAS (Monetary Authority of Singapore) will maintain its current setting for its SGD NEER. This is supportive of the Singapore dollar," said Frances Cheung, senior strategist at Credit Agricole CIB in Hong Kong, referring to the Singapore dollar nominal effective exchange rate. Cheung expects the Singapore dollar to strengthen to 1.2400 in the second quarter and to 1.2200 by year-end. The central bank is widely expected to keep the stance in its April meeting, but some investors have seen a chance for an easier policy, given some signs of economic weakness. Last week, the Singapore dollar was hit by data showing the island's non-oil domestic exports in February plunged 30.6 percent from a year earlier, much worse than the expected 16.0 percent drop. TAIWAN DOLLAR The Taiwan dollar rose on demand from foreign financial institutions, mainly for shares, while local exporters also joined the bids, traders said. A firmer won also supported the island's currency. Traders said that near the end of Monday trading, the central bank was spotted intervening to cut the Taiwan dollar's level at closing. CURRENCIES VS U.S. DOLLAR Change on the day at 0810 GMT Currency Latest bid Previous day Pct Move Japan yen 94.63 94.40 -0.24 Sing dlr 1.2446 1.2482 +0.29 Taiwan dlr 29.865 29.909 +0.15 Korean won 1111.00 1119.30 +0.75 Baht 29.21 29.29 +0.27 Peso 40.83 40.84 +0.04 Rupiah 9730.00 9740.00 +0.10 Rupee 54.13 54.33 +0.38 Ringgit 3.0975 3.1125 +0.48 Yuan 6.2108 6.2122 +0.02 Change so far in 2013 Currency Latest bid End prev year Pct Move Japan yen 94.63 86.79 -8.28 Sing dlr 1.2446 1.2219 -1.82 Taiwan dlr 29.865 29.136 -2.44 Korean won 1111.00 1070.60 -3.64 Baht 29.21 30.61 +4.79 Peso 40.83 41.05 +0.55 Rupiah 9730.00 9630.00 -1.03 Rupee 54.13 54.99 +1.60 Ringgit 3.0975 3.0580 -1.28 Yuan 6.2108 6.2303 +0.31 ($1 = 1119.3500 Korean won) (Additional reporting by Miao-jung Lin in TAIPEI and Yena Park in SEOUL; Editing by Richard Borsuk)