EMERGING MARKETS-Indonesian rupiah leads Asian FX higher, shares firm

* Most regional equities firm * Singapore stocks fall after surprise property tax hike * Philippine stocks gain 0.8% By Himanshi Akhand April 27 (Reuters) - Indonesia's rupiah led most emerging Asian currencies higher against a broadly weaker U.S. dollar on Thursday, with investors awaiting the U.S. Federal Reserve's policy meeting next week, while stock markets in the region also posted gains. The rupiah, Asia's best performing currency so far this year, firmed as much as 1%. "Portfolio flows to remain supportive of IDR offsetting risk from terms of trade moderation and dovish policy bias," BofA Global Research analysts said in a note. The Singaporean dollar and the Indian rupee strengthened 0.1% each. The Thai baht firmed 0.2%. The currency strength was in part due to the trade data showing exports contracted less than expected in March, boosted by a rise in agriculture exports such as rice and sugar, MUFG analysts said in a note. Investors globally remained uncertain about how much longer the Fed would keep interests high, although Fed funds futures are currently pricing in an 80% chance for a 25 basis point increase at the U.S. central bank's policy meeting next week. Shares in the region also firmed, with Jakarta and Manila advancing 0.6% and 0.8%, respectively. Bucking the trend, Singapore shares slipped as much as 0.7% to a more than three-week low, with property companies leading losses after the government raised taxes on private property purchases in a surprise move that includes a doubling of stamp duties for foreigners. Shares of developer City Development fell as much as 6% and UOL Group dropped as much as 5.3%. "It remains to be seen whether this policy will have a meaningful impact on housing inflation in Singapore, and ultimately on MAS' exchange rate policy," MUFG said. A Reuters poll found that South Korea's exports likely fell in April for a seventh consecutive month in their longest falling streak in more than three years, highlighting frail overseas demand. South Korean won, the worst performing currency in the region, was last down 0.1%. It has lost 5.7% so far this year. Shares rose 0.4% after five days of declines. The Chinese yuan firmed after China's industrial firms' profits shrank at a slightly slower pace in January-March. Investors are also eyeing U.S. gross domestic product (GDP) data and labour market data due later in the day, while fresh jitters in the U.S. banking sector kept market nerves on edge. "The possibility of another bank failure is clearly something investors are watching," said Khoon Goh, head of Asia research at ANZ. HIGHLIGHTS ** Indonesia will lower its mandatory domestic sales threshold for palm oil producers to 300,000 tonnes a month starting in May ** U.S., South Korean leaders pledge to cooperate on forex market stability ** Bank of Japan policy decision due on Friday Asia stock indexes and currencies at 0702 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan -0.08 -1.99 <.N2 0.15 9.06 25> China EC> India +0.14 +1.31 <.NS 0.19 -1.43 EI> Indonesi +0.75 +5.74 <.JK 0.60 1.47 a SE> Malaysia +0.00 -1.23 <.KL 0.14 -5.30 SE> Philippi -0.05 -0.04 <.PS 0.78 0.38 nes I> S.Korea 11> Singapor +0.07 +0.40 <.ST -0.31 1.00 e I> Taiwan +0.08 +0.02 <.TW 0.24 9.01 II> Thailand +0.26 +1.50 <.SE -0.71 -8.13 TI> (Reporting by Himanshi Akhand in Bengaluru; Editing by Simon Cameron-Moore and Rashmi Aich)