EM ASIA FX-Most draw no relief from Fed rate cut; Indonesian rupiah loses 1.4%

* Indonesian rupiah hits weakest level since Nov 2018 * South Korean won plumbs lowest point in 3 years * Indian rupee, Thai baht lose 0.7% each (Adds text, updates prices) March 16 (Reuters) - Most Asian currencies declined on Monday despite a surprise U.S. rate cut, with the Indonesian rupiah sinking to a more than one-year low as investors shunned risk assets due to fears for the global economy cast by the coronavirus pandemic. Aiming to boost dollar liquidity, which has dried up to investors favouring the dollar during the worldwide health scare, the U.S. Federal Reserve cut interest rates to near-zero levels on Sunday, having already cut its policy rate by half percentage point earlier this month. Five other major central banks also cut pricing on their swap lines to ease the supply of dollars. However, U.S. stock futures slipped and Asian shares followed suit on Monday, as the mounting death toll outside of China led to more countries moving into lockdown mode to prevent the virus spreading. "Market reactions to each surprise monetary policy easing have been sell first and ask questions later," said OCBC Bank analysts in a note. "The more unprecedented measures by the Fed and other central banks, the more investors worry if the Fed know something we don't." The rupiah weakened about 1.4% to 14,950 against the dollar, its worst level since November 2018. The rupiah was set to post losses for a third consecutive session. The Korean won slipped 0.6% to its weakest level since March 2016 and was the worst performing regional currency so far this year. The won has been dragged down by severity of the virus outbreak in South Korea and fears that its export-reliant economy will be hit hard by the epidemic's impact on global demand. The Indian rupee and the Thai baht declined as much as 0.7% each during the session, while the Philippine peso weakened 0.6%. The Malaysian ringgit lost as much as 0.6% to hit its weakest level since August 2017, while the Singapore dollar lost up to 0.5%, and struck its weakest level since February 2017. Meanwhile, the yuan strengthened against the dollar as China's central bank kept the borrowing cost on its medium term loans steady after the Fed's surprise move. The People's Bank of China stood pat on rates for its one-year medium-term lending facility loans. The yuan strengthened as much as 0.3%, gaining for a second consecutive session. The Taiwan dollar also logged in gains, appreciating 0.1%. CURRENCIES VS U.S. DOLLAR Change on the day at 0723 GMT Currency Latest Previous Pct Move bid day Japan yen 106.430 107.91 +1.39 Sing dlr 1.422 1.4147 -0.50 Taiwan dlr 30.162 30.210 +0.16 Korean won 1226.000 1219.3 -0.55 Baht 32.005 31.82 -0.58 Peso 51.265 51.02 -0.48 Rupiah 14950.000 14740 -1.40 Rupee 74.233 73.74 -0.66 Ringgit 4.301 4.277 -0.56 Yuan 7.006 7.0088 +0.05 Change so far in 2020 Currency Latest End 2019 Pct Move bid Japan yen 106.430 108.61 +2.05 Sing dlr 1.422 1.3444 -5.44 Taiwan dlr 30.162 30.106 -0.19 Korean won 1226.000 1156.40 -5.68 Baht 32.005 29.91 -6.55 Peso 51.265 50.65 -1.20 Rupiah 14950.000 13880 -7.16 Rupee 74.233 71.38 -3.84 Ringgit 4.301 4.0890 -4.93 Yuan 7.006 6.9632 -0.60 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Simon Cameron-Moore)