EM ASIA FX-Ringgit near 5-yr low as oil plunges; Asia FX down in Nov

* Ringgit may head to 3.4295/dollar

* Malaysia intervention spotted to curb ringgit loss-traders

* Won to see longest monthly losing streak since 2008 crisis

(Adds text, updates prices)

By Jongwoo Cheon

SINGAPORE, Nov 28 (Reuters) - Malaysia's ringgit led losses

among emerging Asian currencies, hitting a near five-year low on

Friday as oil prices tumbled, while regional units were poised

to suffer depreciation in November.

The ringgit lost as much as 0.8 percent to 3.3720

per dollar, its weakest since March 2010, as offshore funds

dumped the currency on fears that lower oil prices may hurt

Malaysia, a net oil exporter and major palm oil producer.

Brent crude fell close to a four-year low touched in

the previous session after OPEC decided not to cut oil output to

support prices.

"The sharp drop in oil prices will weigh on the fiscal

position and the trade balance position," said Jonathan

Cavenagh, senior FX strategist with Westpac in Singapore.

"Only central bank intervention stands in the way of further

USD/MYR strength."

Malaysia's central bank was spotted intervening to limit the

ringgit's losses, traders said. Still, spot ringgit is seen

weakening to 3.4295, the 61.8 percent Fibonacci retracement of

its appreciation from 2009 to 2011, analysts said.

The country narrowed the fiscal deficit to 3.9 percent of

gross domestic product in 2013, and Prime Minister Najib Razak

wants to further trim the gap to 3.5 percent this year and to 3

percent in 2015, heading toward a balanced budget by 2020.

Malaysia's exports in September rose 2.0 percent from a year

earlier, missing market expectations, government data showed on

Nov. 7.

The ringgit was the No. 3 worst-performing emerging Asian

currency with a 2.8 percent loss against the dollar so far this

year, according to Thomson Reuters data.

"We remain unconstructive on MYR," said Sacha Tihanyi, a

senior currency strategist for Scotiabank, said in a research

note.

"Though USDMYR has traded through our end of year target of

3.30 rather rapidly in November, we continue to see further

weakness and will likely be revising up our USDMYR forecasts for

2015 and 2016."

South Korea's won and Taiwan's dollar

underperformed the ringgit on concerns that a weaker yen

will reduce competitiveness of those countries' exporters.

WON DOWN FOR 3RD MONTH

The won has fallen 3.5 percent so far in November, a third

consecutive monthly depreciation and the longest monthly losing

streak since the November 2008 global credit crisis, Thomson

Reuters data shows.

Adding to the gloomy outlook, South Korea's industrial

output in October unexpectedly fell, data showed on Friday.

The South Korean currency led a monthly slide in emerging

Asian currencies.

"Given very weak October data and our expectation of a fall

in November exports, we cannot rule out the possibility of a

25bp rate cut on 11 December, though this is not our base case,"

Nomura economist Young Sun Kwon wrote in a research note.

The ringgit has lost 2.4 percent so far in November, which

would also be a third straight monthly slide. The Taiwan dollar

has eased 1.5 percent.

Singapore's dollar has fallen 1.3 percent, which

would be a fifth consecutive monthly depreciation, the longest

monthly losing spree since March 2013.

The Indonesian rupiah has lost 1.0 percent, while

the Indian rupee has slid 0.9 percent.

The Chinese yuan has fallen 0.6 percent, which

would be the largest monthly loss since April.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0425 GMT

Currency Latest bid Previous day Pct Move

Japan yen 118.29 117.79 -0.42

Sing dlr 1.3026 1.2980 -0.35

Taiwan dlr 30.948 30.951 +0.01

Korean won 1107.30 1098.40 -0.80

Baht 32.80 32.78 -0.05

Peso 44.89 44.85 -0.09

Rupiah 12200.00 12176.00 -0.20

Rupee 61.89 61.88 -0.02

Ringgit 3.3700 3.3465 -0.70

Yuan 6.1479 6.1392 -0.14

Change so far in 2014

Currency Latest bid End prev year Pct Move

Japan yen 118.29 105.28 -11.00

Sing dlr 1.3026 1.2632 -3.02

Taiwan dlr 30.948 29.950 -3.22

Korean won 1107.30 1055.40 -4.69

Baht 32.80 32.86 +0.19

Peso 44.89 44.40 -1.10

Rupiah 12200.00 12160.00 -0.33

Rupee 61.89 61.80 -0.15

Ringgit 3.3700 3.2755 -2.80

Yuan 6.1479 6.0539 -1.53

(Additional reporting by IFR Markets' Catherine Tan; Editing by

Anupama Dwivedi)