EM ASIA FX-Most Asian currencies rise as U.S. data weighs on dollar

* South Korean won leads gains

* Singapore Feb exports rise 4.9 pct, rebound from multi-yr

lows

* Indian rupee hits more than 7-month high

(Adds text, updates prices)

By Shriya Ramakrishnan

March 18 (Reuters) - Most emerging Asian currencies gained

on Monday against the dollar, which fell as weak U.S. economic

data triggered speculation the Federal Reserve would strike a

dovish tone at its policy meeting this week.

Figures released on Friday showed U.S. manufacturing output

fell 0.4 percent in February, weakening for a second straight

month, while factory activity in New York state hit a near

two-year low this month.

Leading gains in the region, the South Korean won

strengthened 0.5 percent to 1,137.3 against the greenback.

The Fed in its two-day policy meeting on March 19 and 20 is

widely expected to keep interest rates steady for the rest of

the year, while many traders are even building in bets for a

rate cut in 2020.

The benchmark 10-year and 2-year U.S. Treasury yields fell

to their lowest levels since early January, while the dollar

index, a gauge of its value against a basket of six key

rivals stood at 96.564, having shed 0.8 percent last week, the

biggest loss since late August.

The Indian rupee firmed 0.3 percent on the day, to

its strongest level since Aug. 10, while the Indonesian rupiah

gained 0.2 percent, as the region's net crude oil

importers benefited from a drop in prices of the commodity.

The rupee, which was emerging Asia's worst performing

currency in 2018, has regained some of the lost appetite and

appreciated by 1.3 percent so far this year.

The Malaysian ringgit and Taiwan dollar

strengthened 0.2 percent each.

The Singapore dollar clawed back earlier losses to

trade flat, after data showed the city-state posting a surprise

jump in February exports.

THE PHILIPPINE PESO

The Philippine peso was the sole outlier on the day,

weakening 0.1 percent to 52.59 against the dollar, after the

country on Friday posted its largest current account deficit on

record in 2018.

The deficit was driven mainly by increases in imports.

Investors will also be looking out for newly-appointed central

bank chief Benjamin Diokno's first policy meeting on March 21,

with expectations that the central bank will keep rates steady

until inflation is firmly within its target.

The following table shows rates for Asian currencies against

the dollar at 0516 GMT.

CURRENCIES VS U.S. DOLLAR

Currency Latest bid Previous day Pct Move

Japan yen 111.520 111.45 -0.06

Sing dlr 1.352 1.3523 +0.05

Taiwan dlr 30.837 30.888 +0.17

Korean won 1131.700 1137.3 +0.49

Baht 31.650 31.69 +0.13

Peso 52.660 52.59 -0.13

Rupiah 14235.000 14255 +0.14

Rupee 68.870 69.09 +0.32

Ringgit 4.080 4.089 +0.22

Yuan 6.713 6.7140 +0.02

Change so far in 2019

Currency Latest bid End 2018 Pct Move

Japan yen 111.520 109.56 -1.76

Sing dlr 1.352 1.3627 +0.82

Taiwan dlr 30.837 30.733 -0.34

Korean won 1131.700 1115.70 -1.41

Baht 31.650 32.55 +2.84

Peso 52.660 52.47 -0.36

Rupiah 14235.000 14375 +0.98

Rupee 68.870 69.77 +1.31

Ringgit 4.080 4.1300 +1.23

Yuan 6.713 6.8730 +2.39

(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Sam

Holmes)