EM ASIA FX-Korean won slips to 2-year low; rupee and peso gain

* S. Korean won weakest in more than 2 years

* Peso on track to be best monthly performer

* Rupee touches strongest level in a week

(Adds text, updates prices)

By Aby Jose Koilparambil

April 30 (Reuters) - South Korea's won fell to its weakest

in more than two years on risk aversion after bearish readings

on China manufacturing activity on Tuesday, although India's

rupee and Philippine peso were resilient on softer oil prices.

The won weakened up to 0.5 percent, also dampened

by a drop in Samsung Electronics' first-quarter profit. Korea's

equities index was also among top losers in the region.

The won is set to be the worst performer in the region this

month, shedding about 2.5 percent in April and has weakened the

most so far this year, dropping 4.2 percent.

South Korea's March industrial production fell 2.8 percent

from a year earlier, data showed on Tuesday, and the country's

exports are expected to contract for the fifth straight month.

A global powerhouse for semiconductors and electronic

products, South Korea has been especially hard hit by a slump in

global tech demand. Data last week showed Asia's fourth-largest

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.

OIL DIPS

The rupee and peso led gains buoyed by a retracement in

crude prices which dipped on expectations rising output from the

United States and producer club OPEC would offset most of the

shortfall expected from U.S. sanctions on Iran.

A pullback in oil prices would benefit net importers in Asia

including India and Philippines.

Bearish Chinese factory and services sector activity in

April also weighed on crude prices, traders said, as it

suggested Asia's biggest economy is still struggling to regain

traction.

Factory activity in China expanded for a second straight

month in April but at a much slower pace, dousing optimism that

a recovery would put a floor under global growth.

The Indian rupee gained up to 0.4 percent to its

strongest level in a week. The currency, however, has weakened

about 1 percent this month due to rising oil prices.

The Philippine peso strengthened about 0.3 percent to

scale a one-week peak, having gained about 1.3 percent in April

and is on track to be the best monthly performer in the region.

The Chinese yuan, the Malaysian ringgit

and the Singapore dollar weakened slightly while the Thai

baht and the Taiwan dollar were little

changed.

Philip Wee, FX strategist at DBS Group Research, said in a

research note that May is likely to be another challenging month

for currencies.

"Barring negative surprises in this Friday's U.S. monthly

jobs report, less attention will be paid to White House pressure

on the Fed to cut rates given the better-than-expected U.S.

growth and higher oil prices," Wee said.

The following table shows rates for Asian currencies against

the dollar at 0546 GMT.

CURRENCIES VS U.S. DOLLAR

Currency Latest bid Previous day Pct Move

Japan yen 111.520 111.63 +0.10

Sing dlr 1.362 1.3613 -0.07

Taiwan dlr 30.898 30.897 -0.00

Korean won 1164.200 1158.5 -0.49

Baht 31.930 31.92 -0.03

Peso 52.020 52.13 +0.21

Rupiah 14225.000 14195 -0.21

Rupee 69.783 70.01 +0.33

Ringgit 4.134 4.132 -0.05

Yuan 6.738 6.7346 -0.05

Change so far in 2019

Currency Latest bid End 2018 Pct Move

Japan yen 111.520 109.56 -1.76

Sing dlr 1.362 1.3627 +0.03

Taiwan dlr 30.898 30.733 -0.53

Korean won 1164.200 1115.70 -4.17

Baht 31.930 32.55 +1.94

Peso 52.020 52.47 +0.87

Rupiah 14225.000 14375 +1.05

Rupee 69.783 69.77 -0.02

Ringgit 4.134 4.1300 -0.10

Yuan 6.738 6.8730 +2.01

(Reporting by Aby Jose Koilparambil in Bengaluru

Editing by Jacqueline Wong)