* All Asian FX clock gains
* Taiwan stocks at 4-month high
* U.S. dollar at lowest in more than two months

By Roushni Nair
       Nov 21 (Reuters) - 
    Emerging Asian currencies and most equities in the region
rose on Tuesday, with the U.S. dollar touching new lows, as
investors turned bullish on riskier Asian assets on renewed
expectations of a potential end to U.S. interest rate hikes. 
    The Taiwanese dollar led the charge to appreciate
as much as 0.7% to its highest level since July 31. Stocks in
the country, Asia's second-best performer so far this
year, advanced over 1% and are trading at a near four-month
high. 
    News of Kuomintang and the Taiwan People's Party's progress
on a joint presidential bid last week pushed the Taiwan dollar
to its strongest weekly rally in a year on expectations of an
easing of Taiwan-China tensions if they won, although subsequent
news of disagreements between the two parties has cast doubts
over the coalition.
    The Malaysian ringgit, South Korean won,
and the Chinese yuan added over 0.4% each. Equities
in Shanghai, Mumbai and Bangkok advanced
by nearly 0.5% each, with stocks in Thailand at their highest
level in more than two weeks.
    Signs of progress in the battle against inflation in the
U.S. have driven a recovery in EM assets as investors hope for
an end to the cycle of rate hikes that have been policymakers'
main tool for fighting price increases.
    The greenback has been nursing losses on the back of
increasing bets U.S. interest rates have peaked with mounting
expectations of monetary policy easing by the Fed into next
year.
        The U.S. dollar index fell 1.9% last week
alongside a big rally in U.S. Treasures and lost a further 0.5%
overnight to 103.44. 
  
    Investors now shift their focus to minutes of the Federal
Reserve's last meeting to gauge the Fed's next moves. 
    Poon Panchibool, a markets strategist with Krung Thai Bank
highlighted the possibility of increasing demand from foreign
investors supporting emerging markets assets if weakness in U.S.
dollar continues. 
    "EM assets should emerge from the bottom and make a rebound
in the current quarter and my bets are that we could continue to
recover lost ground going forward into 2024," Panchibool said
flagging a possible recession in the U.S. during the first half
of 2024 as a risk to the forecast. 
    Meanwhile, MSCI's broadest index of Asia-Pacific shares
outside Japan is up 7% for November and on
course for its biggest monthly gain since January.
    Among other currencies, the Indonesian rupiah and the
Philippines peso largely traded flat while the Singapore
dollar and Thailand's baht surged 0.2% each. 
    In Argentina, offshore dollar bonds rallied following Javier
Milei's victory as president on Sunday as investors welcomed
pledges to cut spending. 
    Caution remains, however, over whether his unorthodox policy
proposals can fix the Argentine economy's numerous problems.

    HIGHLIGHTS:    
    ** Indonesian 10-year benchmark yields fall 0.1 basis points
to 6.642%
    ** Indonesia posts smaller current account deficit in Q3
    ** Bank Indonesia to maintain key rate at 6.00% until at
least mid-2024 - Poll
    
    
  Asia stock indexes and currencies                          
 at 0503 GMT                                           
 COUNTRY   FX RIC          FX     FX    INDEX  STOCKS  STOCKS
                      DAILY %  YTD %            DAILY   YTD %
                                                    %  
 Japan                  +0.58  -11.1            0.04   29.88
                                   2                   
 China                                                
 India                  +0.01  -0.74             0.39    9.19
 Indonesi               +0.06  +0.87            -0.59    1.50
 a                                                     
 Malaysia               +0.43  -5.27             0.23   -2.36
 Philippi               +0.04  +0.58             0.18   -5.66
 nes                                                   
 S.Korea                                              
 Singapor               +0.16  +0.31            -0.28   -4.57
 e                                                     
 Taiwan                 +0.68  -2.34             1.15   23.13
 Thailand               +0.23  -1.35             0.47  -14.54
 

    
 (Reporting by Roushni Nair in Bengaluru)