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* Asian shares dip after Fed offers cautious economic outlook

* Dlr falls against Asian peers as U.S. commits to low rates

* Asian exporters hurt by rise in regional currencies

By Susan Fenton

HONG KONG, Nov 5 (Reuters) - Asian shares dipped on Thursday, and the dollar fell after the U.S. Federal Reserve vowed to keep rates near zero for "an extended period" and said the recovery of the world's biggest economy would be sluggish.

The Fed's pledge to stick to a very loose monetary policy [ID:nN04453484] was expected and gave investors little new to trade on, although its cautious economic outlook prompted light profit taking.

Shares of exporters were hit by Asian currencies' modest gains. The dollar index =USD was flat at around 75.8 but the U.S. currency was quoted at 90.54 yen JPY=, down from 90.75 in late Asian trade on Wednesday, and slipped against other currencies.

"I do not think the Fed signalled any change," said Richard Grace, chief currency strategist at Commonwealth Bank of Australia. "The policy guidance remains the same. I think the downtrend in the U.S. dollar is intact and we could see the dollar index fall to around 74 in the short term."