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REFILE-EM ASIA FX-S. Korea GDP shock hits won; most others weaken

(Corrects typo in "Korea" in first paragraph) * S. Korean won weakens for fourth straight session * Indonesia c. bank seen to keep rates on hold * Yuan hits near 1-month low By Shriya Ramakrishnan April 25 (Reuters) - The won slipped to its weakest level in more than two years on Thursday after South Korea posted an unexpected contraction in its economy during the first quarter, while strong gains in the dollar weighed on most other Asian currencies. Gross domestic product (GDP) data released in early Asian trading hours showed that South Korea's economy suffered its worst quarter since the global financial crisis, as investments and exports slumped in response to Sino-U.S. trade tensions and cooling Chinese demand. The South Korean won lost as much as 0.9 percent, weakening to 1.161.4 per dollar, making it the worst performer in the region on the day. But broad dollar strength also put Asian untis under pressure. "The break in the dollar index above the 98 level which is closely watched by the market on a technical basis and with the Korean GDP being much weaker than expected, it has created an environment where markets are selling down Asian currencies," Khoon Goh, head of Asia research at ANZ Banking Group (Singapore) said. The dollar index which measures the greenback versus a basket of six major peers, rose to as high as 98.189 overnight, its highest level since May 2017, largely propelled by upbeat U.S. economic data and the euro's weakness. Among other Asian currencies, the Indonesian rupiah weakened for a second session, declining 0.4 percent to 14,150 per dollar. Bank Indonesia is due to release its monthly monetary policy decision later in the day, with a Reuters poll expecting them to stand pat. China's yuan weakened as much as 0.2 percent against the dollar on the day, hitting its lowest level since March 29. The currency however recovered slightly on dollar selling by major state-run Chinese banks, traders said. Investors are awaiting the release of U.S. first quarter GDP data on Friday to gather clues on the health of the world's largest economy amid its long-drawn retaliatory tariff war with China. U.S. President Donald Trump on Wednesday said ongoing trade talks between the United States and China were going well, but few details have emerged. The next round of talks are slated to begin April 30 in Beijing, followed by further discussions starting May 8 in Washington. The Thai baht dropped 0.3 percent against the dollar to 32.06. A Thai central bank official said on Wednesday that weaker exports could hurt the country's economic growth this year, adding that manufacturers have been affected. The following table shows rates for Asian currencies against the dollar at 0533 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 111.920 112.17 +0.22 Sing dlr 1.362 1.3616 -0.04 Taiwan dlr 30.886 30.875 -0.04 Korean won 1159.100 1150.9 -0.71 Baht 32.060 31.98 -0.25 Peso 52.200 52.188 -0.02 Rupiah 14150.000 14090 -0.42 Rupee 69.993 69.87 -0.18 Ringgit 4.134 4.125 -0.22 Yuan 6.729 6.7220 -0.11 Change so far in 2019 Currency Latest bid End 2018 Pct Move Japan yen 111.920 109.56 -2.11 Sing dlr 1.362 1.3627 +0.04 Taiwan dlr 30.886 30.733 -0.50 Korean won 1159.100 1115.70 -3.74 Baht 32.060 32.55 +1.53 Peso 52.200 52.47 +0.52 Rupiah 14150.000 14375 +1.59 Rupee 69.993 69.77 -0.32 Ringgit 4.134 4.1300 -0.10 Yuan 6.729 6.8730 +2.14 (Reporting by Shriya Ramakrishnan in Bengaluru)