* South Korean won, Indonesian rupiah appreciate * Malaysian ringgit scales near 2-month peak * Thai July manufacturing output +5.12% from last year By Sameer Manekar Aug 30 (Reuters) - Most Asian emerging currencies firmed modestly on Monday, led by South Korea"s won and the Malaysian ringgit, as the dollar nursed losses here after U.S. Federal Reserve Chairman Jerome Powell laid out a slower-than-expected path to rate hikes. South Korea"s won rose as much as 0.6%, while Malaysian ringgit touched a near 2-month top as the dollar kept near two-week lows after Powell indicated on Friday there was no rush to tighten monetary policy. "With market expectations about tapering well formed, the devil is in the details of the taper decision, with the start and speed indicating the end of the Fed"s balance sheet expansion and potential start of rate hikes thereafter," analysts at Barclays said in a note. "Focus shifts to the U.S. employment report, as markets look for evidence of substantial further progress toward maximum employment," the note added. Barclays expects non-farm payrolls, due on Friday, to rise a "healthy" 850,000 jobs in August compared with 943,000 jobs in July. Malaysia"s ringgit was further supported by the new Prime Minister unveiling his cabinet last week, retaining finance minister and others from previous administration in the hope of restoring political stability as the country faces rising COVID-19 infections. "The retention of Tengku Zafrul as finance minister should reduce market concerns around the potential for populist policies relating to issues like loan moratoriums and windfall taxes," Maybank analysts said. Equities in Kuala Lumpur extended gains for a seventh session, adding about a percent to hit a four-month high. Indonesia"s rupiah firmed as much as 0.3% to touch a three-week high, while equities jumped more than 1%. In Thailand, the baht continued its rally, appreciating 0.4% to hit its highest since July 8. Data showed Thailand"s manufacturing output in July grew 5.12% from last year, but came in below a Reuters poll forecast of 11% growth and June"s massive 17.58% growth. Singapore dollar, the outlier in the region, slipped marginally after clocking a 1.2% gain last week - its best week since November 2020 - with most gains concentrated on Friday. Taiwan dollar appreciated as much as 0.4% and marked its best intraday jump since mid-July, while China"s yuan and Japan"s yen edged up versus the greenback. Markets in the Philippines were closed for a holiday. HIGHLIGHTS: ** Indonesian 10-year benchmark yields fall 2.5 basis points to 6.141% ** Shares in Singapore and Thailand up nearly 1% each ** Bearish bets soften on Asian FX as U.S. dollar eases - Reuters poll Asia stock indexes and currencies at 0337 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan +0.08 -5.92 0.28 1.00 China +0.06 +0.95 -0.07 1.35 India +0.00 -0.83 0.00 19.48 Indonesia +0.35 -2.26 1.19 2.24 Malaysia +0.48 -3.55 0.45 -1.83 S.Korea +0.46 -6.67 0.30 9.39 Singapore -0.06 -1.89 0.80 9.20 Taiwan +0.43 +2.42 0.55 17.46 Thailand +0.36 -7.86 1.13 12.42 (Reporting by Sameer Manekar in Bengaluru; Editing by Himani Sarkar) Our Standards: The Thomson Reuters Trust Principles.