EM ASIA FX-Rupiah at 2-week low, Singapore dlr firms on exports

* Rupiah falls as investors unload local stocks and bonds

* Singapore dollar bucks Asia weakness on stronger exports

SIN3GAPORE, June 17 - The Indonesian rupiah faltered on Wednesday as investors took profits from a recent rally in local stocks and bonds, but the Singapore dollar bucked the general Asian weakness supported on stronger-than-expected exports data.

Asian stocks fell on Wall Street's cue, ahead President Barack Obama's plans for sweeping reform of U.S. financial regulation to help avert future crises like the banking meltdown that has plunged the global economy into recession. [ID:nLH21100]

RUPIAH

The high-yielding rupiah <IDR=> fell as much as 0.7 percent to 10,245 per dollar, weakest in two weeks, as foreigners cut their holdings of local bonds and stocks.

"There has been profit-taking by offshore investors," said a Jakarta-based trader.

Rupiah traders said trading activity was slow as major currencies struggled for direction.

Six-month dollar/rupiah NDFs <IDR6MNDFOR=> steadied at 10,680, implying a 4.3 percent rupiah fall from the spot compared to 4.7 percent on Tuesday.

The six-month NDFs traded 60 points above onshore forwards <IDR6M=> compared to 95 points in the previous session.

On the chart, the dollar/rupiah has broken above the 30-day moving averaging at 10,227, indicating near-term rupiah weakness.

The rupiah has lost 3 percent since June 5 as part of a retreat in Asian currencies amid doubts about the global economy.

The latest Reuters poll showed investors have trimmed their long positions in Asian currencies and even switched to short positions in the Philippine peso <PHP=> and South Korean won <KRW=>, but they were still long on the rupiah. [ID:nSP349815]

SINGAPORE DOLLAR

The Singapore dollar <SGD=> strengthened to 1.4547, up 0.6 percent from Tuesday's close, after data showed Singapore's non-oil exports in May rose a bigger-than-expected 5.6 percent from April. [ID:nSGC001183].

The currency was also buoyed by the U.S. dollar's overnight weakness against the euro <EUR=> after Russia suggested the need for a non-dollar reserve currency.

Analysts remained cautious about the outlook of the export-dependent economy, despite signs of improvements in exports and factory activities.

Analysts at Goldman Sachs expect Singapore's economy to grow 2.5 percent in 2010 after shrinking 8 percent this year. CURRENCIES VS U.S. DOLLAR Change on the day at 0633 GMT Currency Latest bid Previous day Pct Move Japan yen 96.66 96.37 -0.30 Sing dlr 1.4550 1.4635 +0.58 Taiwan dlr 32.862 32.885 +0.07 Korean won 1259.70 1257.50 -0.17 Baht 34.13 34.08 -0.15 Peso 48.29 48.27 -0.04 Rupiah 10220.00 10175.00 -0.44 Rupee 47.87 47.74 -0.27 Ringgit 3.5265 3.5180 -0.24 Yuan 6.8352 6.8341 -0.02 Change so far in 2009 Currency Latest bid End prev year Pct Move Japan yen 96.66 90.60 -6.27 Sing dlr 1.4550 1.4340 -1.44 Taiwan dlr 32.862 32.860 -0.01 Korean won 1259.70 1259.50 -0.02 Baht 34.13 34.80 +1.96 Peso 48.29 47.52 -1.59 Rupiah 10220.00 11000.00 +7.63 Rupee 47.87 48.71 +1.75 Ringgit 3.5265 3.4500 -2.17 Yuan 6.8352 6.8230 -0.18