* Indonesian rupiah at 1-week low
* U.S. dollar hovers near 2-1/2 month lows
* Equities largely subdued

By Roushni Nair
       Nov 22 (Reuters) - Most Asian currencies and equities
eased on Wednesday paring gains clocked in the recent run-up, as
investors exercised caution around their expectations of a
potential end to U.S. rate hikes after minutes of the Federal
Reserve's last meeting. 
    Leading losses, the Indonesian rupiah gave up as much
as 0.98%, to mark its biggest single-day percentage decline
since Sept. 28. The Malaysian ringgit followed suit to
depreciate as much as 0.39%, on track for its worst session
since Nov. 16. 
    The ringgit has lost over 2% in value so far this month, on
track to snap from a 3-month winning streak, while the rupiah
has also lost nearly 2%, set to end four straight months of
gains.  
    "I think it is a retracement along a down-trend for Asia FX,
given the consolidation in US 10-year yields. Going forward, the
recovery for Asia FX is also likely to be a non-linear process,"
said Nicholas Chia, macro strategist at Standard Chartered.
    Indonesia's central bank on Tuesday sold $236.5 million
worth of new securities denominated in U.S. dollars, higher than
the target of $200 million, in a move aimed at attracting
capital inflows.
    "On Indonesian rupiah, the global risk appetite remains
intact, evidenced by the over-subscribed SVBI auction yesterday
... today's slump suggest it is likely idiosyncratic factors
relating to onshore dollar demand that is causing the IDR
weakness," Chia added. 
    Volumes are likely to be low through the rest of the week
with Thursday's Thanksgiving holiday in the United States. 
    The Federal Reserve released minutes from that meeting
overnight though traders judged that policymakers' promise to
"proceed carefully" from here was not new information.
    Fed officials agreed they would only raise interest rates if
progress in controlling inflation faltered, reiterating recent
comments by policymakers that left the door open for more
tightening even as markets have moved to price in cuts from
early next year. 
    The dollar index on the other hand was largely flat,
though it held around 2-1/2-month lows after minutes of the
Federal Reserve's last meeting did little to change market
expectations that its monetary tightening cycle was over.
    Back in Asia, Singapore's economy grew faster than initial
estimates in the third quarter, helped by a resurgence in
tourism and service sector activity, although authorities warned
of risks to the outlook from inflation and geopolitics. 
    The Singapore dollar was largely unchanged with
equities in the region eking out a gain of 0.3%. 
    Equities in Southeast Asia traded mixed; shares in Mumbai
, Manila, and Seoul adding between 0.1%
and 0.4%. Those in Bangkok, Jakarta and Kuala
Lumpur retreated between 0.5% and 1%. 
    In Argentina, the black market peso plummeted while its
equities and bonds surged on Tuesday as local markets reopened
for the first session after President-elect Javier Milei's win. 
    The Taiwanese dollar dipped 0.1%, snapping a
seven-day winning streak, while equities in Taipei
slipped 0.7%.  
    The country's Kuomintang and Taiwan People's Party's
progress on a joint presidential bid last week helped the local
unit clock solid gains, however, news of subsequent
disagreements between the two parties have cast doubt on their
coalition.
    
    HIGHLIGHTS:    
    ** Singapore Q3 GDP rose 1.1% Y-O-Y, up from initial
estimates of 0.7% 
    ** Indonesia's coffee exports seen falling 35% - USDA
    
    
  Asia stock indexes and currencies                           
 at 0435 GMT                                            
 COUNTRY   FX RIC           FX     FX    INDEX  STOCKS  STOCKS
                       DAILY %  YTD %            DAILY   YTD %
                                                     %  
 Japan                   +0.04  -11.6           0.36%   30.17
                                    1                   
 China                   +0.02  -3.34            -0.29   -0.97
 India                   +0.09  -0.67             0.15    9.43
 Indonesi                -0.90  -0.06            -0.52    1.09
 a                                                      
 Malaysia                -0.32  -5.68            -0.57   -2.70
 Philippi                -0.07  +0.38             0.13   -5.32
 nes                                                    
 S.Korea                 -0.47  -2.38            -0.09   12.15
 Singapor                +0.01  +0.13             0.34   -4.45
 e                                                      
 Taiwan                  -0.10  -2.45            -0.79   22.22
 Thailand                -0.09  -1.66            -0.76  -15.33
 

    
 (Reporting by Roushni Nair in Bengaluru; Editing by Lincoln
Feast.)