* Thai baht set to lose 1.1% this week
* Risk sentiment took a beating this week after Fed

By Upasana Singh
       Sept 22 (Reuters) - Emerging Asian currencies traded in
narrow ranges on Friday as investors digested the prospects of
high-for-longer U.S. interest rates, while the Bank of Japan did
not surprise when it stood pat on its ultra-easy monetary
policy.
    The biggest mover this week has been the Thai baht,
which eased 0.1% to be set for a 1.1% weekly decline, hurt by
high oil prices and concerns about the government's spending
plans.
    Investors will now turn their focus towards the Bank of
Thailand's (BoT) interest rate decision due next week. 
    "We think the BoT will put in a final 25bp (basis points)
hike in anticipation of a pick-up in inflation and growth in
2024 as well as considering its desire to discourage excessive
leverage," analysts at ANZ wrote in a note. 
    Risk sentiment took a hit this week in the wake of the U.S.
Federal Reserve's hawkish monetary policy stance.
    "The thematic of rates staying higher for longer, alongside
elevated oil prices can result in a deterioration of global
growth-inflation mix," said Christopher Wong, FX strategist at
OCBC. 
    "This can undermine risk appetite and weigh on Asian FX,
especially those that are highly sensitive to rising oil prices
and interest rates, including the yen, won, baht and the
Philippine peso." 
    The South Korean won appreciated 0.3%, although
the currency was on track for a 0.8% drop this week. Malaysia's
ringgit and the Chinese yuan rose 0.1% each.
    The Singapore dollar and Philippines' peso 
traded flat.   
    The yen fell 0.4% after the BOJ kept super-low
interest rates.
    Separately, JPMorgan said it will include India in its
widely tracked emerging market debt index, setting the stage for
billions of dollars of inflows into the world's fifth-largest
economy.
    The rupee strengthened 0.2%, while equities in
Mumbai were flat. 
    Stock markets across emerging Asian economies were broadly
higher. Equities in Jakarta and Shanghai
advanced 0.5% and 0.8% respectively to lead gains. Shares in
Singapore and Bangkok added 0.1% each. 
      
    HIGHLIGHTS:
    ** Data showed Malaysia's consumer price index rose 2.0% in
August from the same period a year earlier
    ** The economic impact of monetary policy tightening by the
Philippine central bank will have a long lag and be felt into
next year - cbank governor 
    
    The following table shows rates for Asian currencies against
the dollar at 0427 GMT.  
    
 COUNTRY   FX RIC          FX     FX  INDE  STOCKS  STOCKS
                      DAILY %  YTD %     X   DAILY   YTD %
                                                 %  
 Japan                  -0.38  -11.5  <.N2  -0.17   24.60
                                   0  25>           
 China                               EC>           
 India                  +0.18  -0.27  <.NS    0.01    9.05
                                      EI>           
 Indonesi               -0.09  +1.18  <.JK    0.51    2.58
 a                                    SE>           
 Malaysia               +0.06  -6.10  <.KL   -0.08   -3.24
                                      SE>           
 Philippi               +0.02  -2.06  <.PS    0.32   -6.89
 nes                                  I>            
 S.Korea                             11>           
 Singapor               +0.00  -1.95  <.ST    0.09   -1.40
 e                                    I>            
 Taiwan                 -0.04  -4.41  <.TW    0.04   15.45
                                      II>           
 Thailand               -0.08  -4.43  <.SE    0.11   -9.16
                                      TI>           
 
 (Reporting by Upasana Singh in Bengaluru; Editing by Edwina
Gibbs)