* Indonesia shares rise around 2% to hit highest since January * Philippine shares hit highest since mid-Feb * Currencies dip on a stronger dollar By Nikhil Nainan Oct 6 (Reuters) - Shares in Indonesia and the Philippines hit multi-month peaks on Wednesday, leading other Asian emerging markets higher as a rebound in global sentiment helped offset broader worries about elevated inflation and the Federal Reserve"s tapering timeline. Rising oil, gas and coal prices also boosted energy stocks on the Malaysian stock market, driving the index around 1% higher, with oil services firm Dialog Group and Petronas Chemicals among the top gainers. Emerging Asian stocks tracked a rebound on Wall Street overnight after tech stocks recovered from Monday"s sell-off as U.S. Treasury yields rose on concerns about inflation, the timing of Fed tapering and the U.S. government"s ability to raise the debt ceiling. Stocks in Jakarta rose as much as 2.4% to their highest since January, having rallied around 4% since the end of September. In the Philippines, shares jumped 1.3% to their highest since mid-February. Globe Telecom rose over 9% to a record high, having rallied more than 25% since the end of August as it expands its fibre rollout and gains revenue share from rivals. On the currency front, however, Asian units dipped against a firmer dollar, which inched higher ahead of U.S. jobs data this Friday that may offer more insight into the timing of the Fed"s plans to tighten policy. Reaction among Emerging Asian currencies has been fairly muted to the September announcement that the Fed would likely begin reducing its monthly bond purchases as soon as November. In the so-called "taper tantrum" of 2013, a Fed announcement that it would begin cutting back on bond purchases led to a sharp sell-off in risk-sensitive emerging market currencies. "The expected tantrum of taper this time is over-hyped," said Kunal Kundu, an economist with Societe Generale. "The tantrum in 2013 was because of the suddenness of the announcement on an absolutely unprepared market. This time, the market is actually expecting a taper," he said, adding the Fed"s communication has ruled out any surprise. The Reserve Bank of New Zealand lifted its official cash rate for the first time in seven years on Wednesday, as developed economies begin to unwind pandemic-era monetary policy. Chinese markets remained closed for a holiday. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are down 1.3 basis points at 6.31% ** Top two gainers in Malaysia were Sime Darby Plantation Bhd and Kuala Lumpur Kepong Bhd Asia stock indexes and currencies at 0644 GMT COUNTRY FX FX FX INDEX STOCKS STOCKS RIC DAILY % YTD % DAILY % YTD % Japan -0.19 -7.54 -1.05 0.31 China - +1.25 - 2.74 India -0.22 -2.07 0.16 27.67 Indonesia +0.06 -1.40 2.33 7.62 Malaysia -0.06 -3.83 0.93 -5.07 Philippines -0.34 -5.56 1.09 -1.15 S.Korea -0.30 -8.90 -1.82 1.21 Singapore -0.17 -2.81 0.31 8.23 Taiwan -0.19 +1.87 -0.41 11.27 Thailand -0.41 -11.65 0.47 12.59 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Krishna Chandra Eluri) Our Standards: The Thomson Reuters Trust Principles.