EMERGING MARKETS-Asian FX, stocks shaky after Powell testimony

* Indian rupee, Indonesian rupiah appreciate * Rupiah up 0.3% ahead of rate decision * Indonesian, Philippine interest rate decisions today * Russian rouble weakens 1.5% * China, Taiwan closed for a holiday By Echha Jain June 22 (Reuters) - Most Asian currencies and stocks were tentative, with some losing ground on Thursday after the U.S. Federal Reserve Chair stuck to a hawkish tone and as the focus turned to rate decisions from Indonesia and Philippines later in the day. The Thai baht and Malaysian ringgit edged 0.1% lower, while the South Korean won and Indian rupee tacked on 0.1%. Stocks in Bangkok fell 0.5%. Fed Chair Jerome Powell in his remarks to lawmakers in Washington said the outlook for two further 25 basis point rate increases are "a pretty good guess" of where the central bank is heading if the economy continues in its current direction. "Most people see his (Powell's) testimony as just trying to correct the no-hike in the last FOMC meeting by trying to kind of make up for that in a way," said Sunil Kalra, portfolio manager at LC Beacon Global Fund, Singapore. Around 72% of investors have priced in a quarter-point Fed rate hike in July, with rate cuts seen at the end of the year or early next year, according to CME Fedwatch tool. The U.S. dollar index, which measures it against a basket of currencies, was broadly flat to trade at 102.0. The day ahead will keep traders focused on key interest rate decisions from Philippines and Indonesia, with strong expectations for both central banks to keep rates on hold, according to separate Reuters polls. The Indonesian rupiah jumped 0.3% ahead of the monetary policy decision, while equities in Jakarta slipped 0.1%. Elsewhere, the Philippine peso slipped 0.2% against the dollar and stocks in Manila fell 0.6%. The Russian rouble weakened 1.5%, while the Turkish lira gave up 0.2% ahead of the central bank policy meeting with a Reuters poll predicting a sharp rise in the policy rate to rein in decades-high inflation. Markets in China and Taiwan were closed for a holiday. HIGHLIGHTS: ** Philippine c.bank creates temporary benchmark rate to replace Libor ** Turkey's central bank expected to raise its policy rate sharply ** Singapore central bank fines DBS, Citibank, OCBC, Swiss Life over breaches Asia stock indexes and currencies at 0428 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan +0.13 -7.47 <.N2 -0.1 28.5 25> China EC> India +0.13 +0.96 <.NS -0.01 4.14 EI> Indones +0.13 +4.32 <.JK -0.11 -2.27 ia SE> Malaysi -0.11 -5.34 <.KL 0.43 -6.42 a SE> Philipp -0.16 +0.04 <.PS -0.55 -2.70 ines I> S.Korea 11> Singapo -0.07 -0.10 <.ST -0.18 -1.03 re I> Taiwan - -0.69 <.TW - 21.68 II> Thailan -0.16 -0.87 <.SE -0.59 -9.32 d TI> (Reporting by Echha Jain in Bengaluru Editing by Shri Navaratnam)