* Month-end dollar demand hits rupiah
* Indonesian c.bank intervention spotted - traders
* Philippine peso, ringgit down offshore funds
(Adds text, updates prices)
By Jongwoo Cheon
SINGAPORE, Sept 24 (Reuters) - The Indonesian rupiah fell to
its lowest level in four and a half years on Tuesday, leading
slides among emerging Asian currencies amid uncertainty over
whether the U.S. Federal Reserve will begin scaling back its
stimulus later this year.
The rupiah lost ground on increasing dollar demand
from local companies for month-end payments.
The Malaysian ringgit and the Philippine peso
also slid as offshore funds sold them, traders said.
Regional stocks also eased as Fed officials suggested the
Fed could still begin scaling back its stimulus later this year,
after last week's surprising decision to maintain the programme
at $85 billion a month.
"Despite last week's shock, the market is pricing in a view
that the Fed will eventually taper within this year," said Yuna
Park, a currency and bond analyst at Dongbu Securities in Seoul.
"Asian currencies may not fall much further from here due to
the dollar's overall weakness, but it looks better to sell them
on rallies," Park added.
The dollar was under pressure as New York Fed President
William Dudley, a well known dove and close ally of Fed Chairman
Ben Bernanke, justified the action, saying on Monday the central
bank must for now continue to push hard against threats to the
The rupiah fell to as low as 11,580 per dollar, its weakest
since April 2009.
Indonesia's central bank was spotted providing dollar
through state-run banks to support the ailing currency, traders
Some local lenders bought the rupiah, but corporate dollar
demand overwhelmed such bids, traders added.
"The rupiah is seen testing 11,600 this week," said a
"As long as there is month-end demand, it is a bit difficult
to see a rebound," the trader added.
The ringgit started the day firmer but turned lower as
offshore funds and local interbank speculators sold it.
Kuala Lumpur stocks fell, while 3-year and 10-year
government bond yields rose.
"The market seems in a revenge mode after the last week's
mauling," said a senior Malaysian bank trader in Kuala Lumpur.
The Malaysian currency jumped 3.9 percent against the dollar
last week after the Fed's decision to stand pat on stimulus.
The trader looked to sell the ringgit on rallies around
3.2000 per dollar for 3.2400.
The peso fell as investors including offshore funds covered
dollar-short positions on overall weakness in regional
currencies, traders said.
The Philippine currency found some support around 43.400 per
dollar as some offshore investors bought it on dips.
The International Monetary Fund said the Philippines was
well positioned to deal with any capital outflows when the Fed
cuts its stimulus, although the body slightly lowered its growth
forecast for the country.
"I would rather buy dollars but recon it's not a one-way
bet," said a senior Philippine bank trader in Manila.
"It is still range bound between 43.10 and 43.50 in the
CURRENCIES VS U.S. DOLLAR
Change on the day at 0430 GMT
Currency Latest bid Previous day Pct Move
Japan yen 98.79 98.84 +0.05
Sing dlr 1.2530 1.2501 -0.23
Taiwan dlr 29.560 29.629 +0.23
Korean won 1075.30 1073.80 -0.14
Baht 31.28 31.26 -0.06
Peso 43.36 43.27 -0.22
Rupiah 11522.00 11470.00 -0.45
Rupee 62.73 62.60 -0.21
Ringgit 3.2040 3.1990 -0.16
Yuan 6.1194 6.1210 +0.03
Change so far in 2013
Currency Latest bid End prev year Pct Move
Japan yen 98.79 86.79 -12.15
Sing dlr 1.2530 1.2219 -2.48
Taiwan dlr 29.560 29.136 -1.43
Korean won 1075.30 1070.60 -0.44
Baht 31.28 30.61 -2.14
Peso 43.36 41.05 -5.33
Rupiah 11522.00 9630.00 -16.42
Rupee 62.73 54.99 -12.34
Ringgit 3.2040 3.0580 -4.56
Yuan 6.1194 6.2303 +1.81
(Editing by Kim Coghill)