* South Korean stocks up 1.3%
* Taiwan stocks up 1.9%
* Singapore stocks eye best week since Jan. 2021

By Ayushman Ojha
       April 26 (Reuters) - Most Asian currencies were subdued
on Friday as mixed U.S. data solidified bets of fewer rate cuts,
while regional stocks were on track to end the week higher due
to gains in South Korea and Taiwan from global tech earnings.
    Emerging currencies have recovered slightly this week after
suffering steep losses earlier in the month when investors
walked away from riskier assets due to uncertainties from
heightened tensions in the Middle East. 
    The broad MSCI emerging markets currency index
 was up 0.2% for the week so far, compared to
declines of 0.4% and 0.5% in the previous two weeks,
respectively.
    Meanwhile, currencies were further pressured by data showing
the U.S. economy grew at its slowest pace in nearly two years in
the first quarter, while inflation picked up, suggesting that
the Federal Reserve would not cut interest rates before
September.
    Adding to the downbeat regional mood, the Japanese yen hit a
fresh 34-year low on disappointment that the Bank of Japan held
rates steady without giving clear guidance on its future rate
path.
    The South Korean won lost 0.3% on Friday, but was
on track to post its first weekly gain in seven weeks.
    The Malaysian ringgit was largely flat and headed for
a 0.1% rise for the week, after three consecutive weekly losses.
    In Indonesia, the rupiah extended losses, despite the
central bank's surprise quarter-point rate hike on Wednesday to
support the currency in the face of persistent dollar strength.
    Still, the rupiah has slightly distanced itself from a
four-year low it hit last week. It has gained 0.2% so far this
week against a decline of 2.6% in the last week.
    In contrast, the Philippines' finance minister said the
central bank has no plans to hike interest rates despite the
peso's weakness against the dollar. The peso has lost
2.9% so far in April and is on course for its fourth straight
weekly loss.
    "I not convinced that just because of exchange rates (Asian)
central banks will start hiking rates again, as some central
banks like the Reserve Bank of India (RBI) doesn't seem to be
too minded that the currency is on the depreciation trend," said
Alvin Tan, head of Asia FX strategy at RBC Capital Markets.
    Meanwhile, gains in U.S. tech stocks after upbeat quarterly
earnings from giants Alphabet and Microsoft
buoyed tech-heavy South Korean and Taiwan stock markets.
    South Korean stocks rose as much as 1.3%, while
shares in Taiwan gained 1.9% and were on track for their
best week since March 4.
    Singapore stocks were largely unchanged on Friday,
but eyeing their best week since January 2021 with a 3.5% rise
so far.
    Stocks in Thailand were flat, on track for the best
week since August 2023.
    The Vietnamese dong was 0.1% higher, further
distancing itself from its record low hit last week.

    HIGHLIGHTS:    
    ** BOJ keeps ultra-low rates, projects inflation near 2% for
years
    ** Singapore c.bank sees inflation "falling more
discernibly" in Q4
    
    
  Asia                                              
  stock                                        
 indexes                                       
   and                                         
 currenc                                       
 ies at                                        
  0501                                         
   GMT                                         
 COUNTRY  FX RIC        FX    FX  INDE  STOCK  STOCK
                     DAILY   YTD     X      S  S YTD
                         %     %        DAILY      %
                                            %  
 Japan               -0.33  -9.6  <.N2  +1.08  13.66
                               7  25>          
 China                       5  EC>          
 India               -0.02  -0.1  <.NS  -0.12   3.74
                               5  EI>          
 Indones             -0.25  -5.1  <.JK  -0.55  -2.16
 ia                            2  SE>          
 Malaysi             +0.00  -3.8  <.KL   0.29   8.19
 a                             5  SE>          
 Philipp             -0.08  -4.2  <.PS  -0.10   1.84
 ines                          1  I>           
 S.Korea                     9  11>          
 Singapo             -0.10  -3.0  <.ST  -0.04   1.43
 re                            4  I>           
 Taiwan              +0.01  -5.6  <.TW   1.59  12.50
                               5  II>          
 Thailan             -0.08  -7.7  <.SE  -0.03  -3.67
 d                             2  TI>          
 

    
 (Reporting by Ayushman Ojha in Bengaluru; Editing by Kim
Coghill)