EMERGING MARKETS-Rupiah hurt by rate cut, bond outflows on dour economic outlook

    * Graphic: World FX rates
    * Indonesia benchmark bond yields up ~34 bps this week
    * Rupiah at 3-week low
    * Singapore shares drop 1%
    * Indian currency markets shut

    By Anushka Trivedi
    Feb 19 (Reuters) - The Indonesian rupiah led losses among
Asian currencies on Friday, a day after the country's central
bank cut interest rates and trimmed the 2021 growth forecast,
with rising U.S. yields sparking bond outflows to weigh on the
    Benchmark U.S. Treasury yields returned to a
near one-year high level hit earlier this week, which has
pressured riskier Asian stocks and currencies across the board.
    Despite a weaker greenback, the Singapore dollar
, South Korean won and the Philippine peso
 all declined between 0.1% to 0.2%.    
    The rupiah fell 0.4% to a three-week low, while local
stocks slid, both on track for weekly losses as a
debilitating wave of COVID-19 infections caused Bank Indonesia 
to trim rates by 25 basis points (bps) and downgrade the
economic outlook on Thursday.
    "The 2021 growth outlook was lowered...which is quite
disappointing, but rupiah may continue to focus on external
factors," said Daniel Dubrovsky, a strategist at trading
platform IG.
    "Rising longer-term rates in the world's largest economy may
gradually slow the path for appreciation in the rupiah."
    Indonesia's bonds, a foreign investor favourite, lost some
sheen with 10-year benchmark yields rising 5.1 bps
to 6.583%, their highest since November 5.
    The bonds yields have jumped almost 34 bps so far this week.
    Meanwhile, Philippine and Malaysia shares
edged up after two sessions of heavy losses, while Singapore's
index slumped 1.3%.
    South Korea equities continued their descent for
third day on recent jump in coronavirus cases, giving up most of
their vaccine-fuelled rally gains earlier this week.    
    Indian currency markets were closed for a holiday,
while shares fell 0.5% on profit-taking.
    ** Rupiah down about 1.1% since Tuesday
    ** Top losers on the Singapore STI include: Jardine
Matheson Holdings Ltd down 2.9% and Keppel DC REIT
 down 2.1%
    ** Top losers on the Jakarta stock index include
Planet Properindo Jaya PT down 9.7% and MNC Land Tbk
PT down 7%
 Asia stock indexes and currencies at 0433                                           
 Japan                        -0.01     -2.30                     -1.16          8.89
 China                        +0.27     +0.88                     -0.32          5.49
 India                         0.00     +0.57                     -0.19          7.92
 Indonesia                    -0.43     -0.21                     -0.40          3.29
 Malaysia                     -0.05     -0.54                      0.17         -2.99
 Philippines                  -0.04     -0.91                      0.59         -3.50
 S.Korea                      -0.07     -2.00                     -0.42          6.97
 Singapore                    -0.12     -0.50                     -1.28          0.98
 Taiwan                       +1.39     +1.94                     -0.68         10.73
 Thailand                     -0.03     -0.20                     -0.89          3.33
 (Reporting by Anushka Trivedi in Bengaluru; Editing by Raju