* Thai baht, Korean won biggest losers
* MSCI Asia-Pacific index up 7.1% so far in Nov
* Asian equities, FX edge lower

By Roushni Nair
       Nov 24 (Reuters) - Asian currencies and equities were
largely subdued on Friday, with Thailand's baht and South Korean
won leading declines, as increasing scepticism over whether the
U.S. Federal Reserve is done with interest rate hikes kept risk
appetite in check. 
    The baht depreciated as much as 0.5% to its lowest
level since Nov. 16. The unit reversed last week's gains to lose
nearly 1% in value so far this week. 
    The won depreciated as much as 0.5% while the
Malaysian ringgit and Indonesian rupiah traded 
0.2% lower by 0356 GMT.
    With U.S. markets closed on Thursday and due for a shorter
trading session on Friday for Thanksgiving, currencies are
likely to trade in narrow ranges but with some volatility as
liquidity is expected to remain thin.
    The U.S. dollar index eased 0.029% to 103.73, staying
close to the two-and-a-half month low of 103.17 it touched
earlier this week.
    Markets have dialled back expectations of Fed rate cuts in
2024 after data in the U.S. released on Thursday hinted at a
still tight labour market in the world's largest economy. 
    "We maintain our preference to sell the USD on rally, with
Asian currencies likely having a larger runway than the majors
to gain against the greenback," analysts at Maybank wrote. 
    MSCI's broadest index of Asia-Pacific shares outside Japan
 eased 0.4% but are headed for a weekly gain of
0.9%. It is up a whopping 7.1% so far in November. 
    "While market participants are expected to remain in a
wait-and-see mode until the FOMC (Federal Open Market Committee)
meeting on December 12-13, I believe the likelihood of a
significant sell-off in Asian currencies, including (the
Indonesian rupiah), has diminished," analysts at Sumitomo Mitsui
Banking Corp wrote.
    The rupiah has lost over 2% so far this month, highlighting
a recent downward trend that even led Bank Indonesia to put
forth a surprise 25 basis point rate increase on Oct. 19 aimed
at nudging the local unit higher.
    In Taiwan, the opposition parties rushed to register their
candidates for president with hours to go before a deadline,
after talks on running a joint ticket collapsed in dramatic
fashion on live television amid bitter arguments. 
    "It now appears unlikely that consensus can be reached
before the candidate registration deadline today, and this could
disappoint investors hoping for a potential easing in
cross-straits tensions," analyst at DBS said in a note. 
    The Taiwanese dollar and equities in the
country traded largely flat. 
    In South Korea, the won has lost 2.8% against the dollar so
far this year.
    "Geopolitical tensions in Korea are not new, but they could
keep a check on KRW gains for the time being," analysts at DBS
    Equities in the region were largely trading lower, with
those in Thailand and Singapore losing nearly
0.5% each. Shares in Philippines and India
largely traded flat.
    Earlier in the session, certain tech issues related to the
FTSE 100 Index had impacted the Singapore and Malaysian stock
markets, with several FTSE Bursa Malaysia indices seen not
    ** Thailand expects up to 3.5 mln Chinese tourists this
year, below target
    ** Japan Oct CPI seen accelerating, staying above BOJ's
    ** Malaysia's October CPI rises 1.8% on-year, less than
  Asia stock indexes and currencies                           
 at 0455 GMT                                            
                      DAILY %  YTD %             DAILY   YTD %
 Japan                  +0.14  -12.2             0.71   31.00
 India                  -0.01  -0.76              0.00    9.37
 Indonesi               -0.13  -0.03             -0.01    2.23
 Malaysia               -0.19  -6.06             -0.05   -2.87
 Philippi               -0.07  +0.47              0.11   -4.77
 Singapor               -0.04  -0.09             -0.58   -4.75
 Taiwan                 -0.21  -2.85             -0.07   22.24
 Thailand               -0.42  -2.32             -0.34  -15.99

 (Reporting by Roushni Nair in Bengaluru; Editing by Lincoln