EM ASIA FX-Indian rupee pares losses on Gujarat vote result; other Asian currencies slip

(Adds text, updates prices)

By Christina Martin

Dec 18 (Reuters) - The Indian rupee pared nearly all of its

sharp losses early on Monday, as it became clear that Prime

Minister Narendra Modi's Bharatiya Janata Party (BJP) would

comfortably win an election in his home state of Gujarat.

Other emerging Asian currencies slipped as the dollar edged

up.

At around 0350 GMT, the rupee was down as much as

1.1 percent, its biggest intraday loss since May 18, as initial

counting showed a close fight between the ruling BJP and the

main opposition Congress.

Later, three news television channels said the BJP won more

than 100 of 182 assembly seats.

At 0546 GMT, the rupee was down just 0.1 percent.

"This election in Gujarat is like a barometer gauge said

Christopher Wong, an FX strategist with Malayan Banking.

"Fears of an upset election dissipated as Modi was set for a

win"

National elections are due by 2019.

Most other emerging Asian currencies slipped as the dollar

edged higher after top Republicans said they expected the U.S.

Congress to pass a tax code overhaul this week, with votes on

the legislation expected by Tuesday and President Donald Trump

aiming to sign the bill by the end of the week.

Many investors expect the cuts could bolster U.S. growth,

prompting faster rate rises by the U.S. Federal Reserve and

leading to a stronger dollar.

Passage of U.S. tax reform program would put "pressure on

the regional currencies," said Manny Cruz, an analyst with

Asiasec Equities Inc in Manila.

The Malaysian ringgit and Thai baht lost

about 0.2 percent each.

The Taiwan dollar and Singapore dollar

slipped about 0.1 percent each.

The Korean won and the Philippine peso,

however, edged up.

CHINA's YUAN

The yuaneased slightly against the U.S. dollar on

Monday, dragged lower by a weaker official midpoint and

stability in the greenback on optimism over the progress of U.S.

tax reform.

Prior to market opening on Monday, the People's Bank of

China set the midpoint rate at 6.6162 per dollar, 49

pips or 0.07 percent weaker than the previous fix of 6.6113 on

Friday.

In the spot market, the onshore yuan opened at

6.6126 per dollar and was changing hands at 6.6115 at midday,

0.07 percent stronger than midpoint.

The following table shows rates for Asian currencies against

the dollar at 0552 GMT

CURRENCIES VS U.S. DOLLAR

Currency Latest bid Previous day Pct Move

Japan yen 112.65 112.57 -0.07

Sing dlr 1.3485 1.3482 -0.02

Taiwan dlr 30.002 29.992 -0.03

Korean won 1089 1089.8 +0.06

Baht 32.570 32.5 -0.21

Peso 50.430 50.445 +0.03

Rupiah 13580 13577 -0.02

Rupee 64.13 64.04 -0.14

Ringgit 4.085 4.078 -0.17

Yuan 6.612 6.6080 -0.06

Change so far in 2017

Currency Latest bid End 2016 Pct Move

Japan yen 112.65 117.07 +3.92

Sing dlr 1.3485 1.4490 +7.45

Taiwan dlr 30.002 32.279 +7.59

Korean won 1089 1207.70 +10.89

Baht 32.570 35.80 +9.92

Peso 50.430 49.72 -1.41

Rupiah 13580 13470 -0.81

Rupee 64.130 67.92 +5.91

Ringgit 4.085 4.4845 +9.78

Yuan 6.612 6.9467 +5.06

(Reporting by Christina Martin in Bengaluru; Additional

reporting by Chandini Monnappa; Editing by Richard Borsuk)