* Taiwan stocks up 2.7%
* South Korean shares rise 2.1%
* Indonesia interest rate decision due later in the day

By Ayushman Ojha
       April 24 (Reuters) - Asian emerging market currencies
rose on Wednesday on the back of a weaker dollar, while Wall
Street's rise rubbed off on regional stock markets, which were
led by Taiwan and South Korea.
    The broad MSCI emerging markets currency index
 was up 0.2%. The index posted gains in the past
two days after steep losses last week.
    The U.S. dollar softened as data showed U.S. business
activity cooling in April to a four-month low, while rates of
inflation eased slightly, suggesting some leeway for the 
Federal Reserve on the interest rates front.
    The South Korean won appreciated 0.8%, while the
Philippine peso gained 0.4% after eight consecutive
sessions of declines.
    The Indonesian rupiah advanced 0.4%, ahead of a
policy rate decision due later in the day, where expectations
are for Bank Indonesia (BI) to leave its seven-day repo rate on
hold at 6.00%, with an outside chance of a quarter point hike,
according to a Reuters poll.
    "Despite the expected pause, we could get a more hawkish
statement from BI Governor Warjiyo. BI will likely show
willingness to hike further if necessary but we expect Warjiyo
to highlight efforts to support the currency via their presence
in the spot market," ING economists said in a note.
    The rupiah had hit a four-year low last week, after which
the central bank on Friday intervened in forex markets "more
boldly to maintain market confidence".
    Stocks in the region continued their bullish run this week,
with a 2.7% jump in Taiwan and 2.1% rise in South Korea
. Wall Street closed higher overnight as investors
digested company earnings. Shares of EV maker Tesla soared in
after-hours trade following its promise of new models.
    In the Philippines, shares were up as much as 1.2%,
while stocks in Indonesia added as much as 1.1%.
    Singapore stocks rose as much as 0.9% to their
highest level since August 2023.
    Globally, market participants are awaiting later this week
U.S. first-quarter gross domestic product data on Thursday and
personal consumption price expenditures (PCE) index, the Fed's
preferred measure of inflation, on Friday, to further assess the
rate outlook.
    Markets currently price in a 73% chance of a first rate cut
by September, according to the CME's FedWatch tool.
    In Asia, Malaysia is set to report its March inflation data
on Thursday. The headline number is expected at 2.0%
year-on-year, according to a Reuters poll, compared to 1.8% in
February. If so, it would be the highest since August 2023.
    The Malaysian ringgit inched 0.1% higher, while
shares were 0.6% higher.
    The Vietnamese dong was largely unchanged, after
edging 0.1% higher on Tuesday, but was still near its lowest
level on record touched last week.

    HIGHLIGHTS:    
    ** Thai c.bank minutes show economy expanding, uncertainty
remains
    ** Unemployment biggest worry in India, world's fastest
growing economy
    ** Philippines' budget deficit at $3.41 bln in March
    
  Asia                                              
  stock                                        
 indexes                                       
   and                                         
 currenc                                       
 ies at                                        
  0500                                         
   GMT                                         
 COUNTRY  FX RIC        FX    FX  INDE  STOCK  STOCK
                     DAILY   YTD     X      S  S YTD
                         %     %        DAILY      %
                                            %  
 Japan               -0.01  -8.8  <.N2  +2.42  14.93
                               9  25>          
 China                       4  EC>          
 India               +0.08  -0.0  <.NS   0.33   3.26
                               8  EI>          
 Indones             +0.40  -4.6  <.JK   0.71  -1.54
 ia                            8  SE>          
 Malaysi             +0.10  -3.8  <.KL   0.45   7.83
 a                             3  SE>          
 Philipp             +0.23  -3.5  <.PS   1.01   1.90
 ines                          4  I>           
 S.Korea                     6  11>          
 Singapo             +0.11  -2.9  <.ST   0.68   1.69
 re                            7  I>           
 Taiwan              +0.14  -5.5  <.TW   2.52  12.06
                               7  II>          
 Thailan             +0.09  -7.3  <.SE   0.20  -3.93
 d                             7  TI>          
 

    
 (Reporting by Ayushman Ojha in Bengaluru; Editing by
Muralikumar Anantharaman)