EMERGING MARKETS-Most Asian currencies split for direction; US FOMC meet eyed

* Indian rupee, Indonesian rupiah lose most * Thai baht stages turnaround on lesser-than-expected export contraction * Most Asian shares trade higher By Archishma Iyer July 26 (Reuters) - Most Asian currencies were mixed on Wednesday with the Indian rupee and the Indonesian rupiah losing the most, as investors awaited a widely-expected rate hike from the U.S. Federal Reserve later in the global day. The rupee and the rupiah lost 0.2% each. The U.S. Federal Open Market Committee (FOMC) meeting, which concludes later in the global day, is set to raise rates by 25 basis points and the benchmark rate is expected to be lifted to a range between 5.25% and 5.5%. Where markets go from there could depend on what Fed Chair Jerome Powell says about the future path of rate hikes at a news conference after the FOMC meeting. The dollar index, which measures the strength of the greenback against six major rivals, stood at 101.25 at 0725 GMT. On the other hand, analysts were still mulling over a potential stimulus package from China to bolster a weak post-Covid economy, which led to the rally in the Chinese yuan fizzling out. "The statement is a step in the right direction where it promises more support and acknowledges that domestic demand has been quite weak," said Audrey Goh, Head, Asset Allocation and Thematic strategy at Standard Chartered. "We have seen some pullback today because we have still yet to see any concrete measures so far." Separately, Thailand's baht staged a turnaround, rising about 0.4%, after Southeast Asia's second-largest economy reported a lesser-than-expected contraction in custom-based exports for June. Additionally, Poon Panichpibool, a markets strategist with Krungthai Bank, said there could have been local market players reducing their long positions on the greenback ahead of the FOMC meeting. This could possibly lead to further weakness in the dollar, especially if the Fed doesn't provide strong signals that there will be another rate hike, he added. Other currencies such as the South Korean won, and Singapore and Taiwan dollars traded higher between 0.1% and 0.2%. Most Asian share markets were positive. Shares in Jakarta , Kuala Lumpur and Taipei gained between 0.2% and 0.5% HIGHLIGHTS: ** Indonesia's benchmark 10-year bond yield rises to 6.248% ** Thailand trims GDP growth outlook as exports soften ** Singapore's recent political scandals a 'setback' for ruling party - deputy PM Asia stock indexes and currencies at 0725 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % % DAILY YTD % % Japan +0.15 -6.81 0.04 21.42 China India -0.16 +0.87 0.58 9.34 Indonesi -0.20 +3.63 0.22 1.20 a Malaysia +0.13 -3.38 0.56 -3.39 Philippi -0.18 +1.96 0.27 1.72 nes S.Korea Singapor +0.05 +0.98 0.84 1.92 e Taiwan +0.20 -1.72 -0.21 21.40 Thailand +0.44 +0.90 -0.15 -8.67 (Reporting by Archishma Iyer in Bengaluru)