EMERGING MARKETS-Asian currencies strengthen as global banking concerns ease

* Malaysian ringgit gains most among peers * Philippine peso sole loser, falls 0.5% * Equities rise across the board By Jaskiran Singh March 28 (Reuters) - Asian currencies firmed on Tuesday, with the Malaysian ringgit rising to a five-week high, as confidence in the global banking system was boosted by a deal covering Silicon Valley Bank's deposits and loans. With risk-on sentiment gaining traction, the Malaysian ringgit gained the most among regional peers, appreciating 0.6%, while the Indonesian rupiah touched its highest level since early February, rising 0.5%. U.S. authorities backed a deal for First Citizens BancShares to buy Silicon Valley Bank's assets, soothing wider worries about the sector sparked by the largest bank collapse since the 2008 financial crisis. "Some semblance of relative calm has descended upon markets with the absence of fresh headline banking scares," said Vishnu Varathan, head of economics and strategy at Mizuho Bank. News of further regulatory backstops and remedial ring-fencing had also assuaged concerns of an imminent crisis, he added. Nevertheless, U.S. Federal Reserve Governor Philip Jefferson said on Monday that stress among small banks could hit small businesses hardest. In Asia, the Thai baht rose 0.5%, while the Philippine peso emerged as the sole loser among its peers, falling 0.5%. "The key driver behind this (the peso's fall) is actually on the other side of the coin – a stabilising outlook benefits the U.S. central bank in terms of continuing its hiking path as well as a higher expected future terminal rate," said Glenn Yin, head of research and analysis at AETOS Capital Group. Currently, markets are pricing in around a 55% chance of the Fed standing pat on interest rates in its next meeting in May and anticipate a rate cut as early as July. Elsewhere, the Singapore dollar also eyed gains for the second-straight session, rising 0.2%. Maybank analysts said in a note that they were positive about the Singapore dollar in the medium term on the expectation that the Monetary Authority of Singapore would tighten monetary policy and China's reopening would gain steam later in the year. Equities in the region mirrored the upbeat sentiment with shares in Thailand and Singapore gaining 0.7% and 0.4%, respectively. HIGHLIGHTS: ** Asia growth rate estimated at 4.5% in 2023 - Boao Forum annual report ** China spent $240 bln bailing out 'Belt & Road' countries - study ** Thai election to be a close race between parties, surveys show Asia stock indexes and currencies at 0415 GMT COUNTRY FX FX FX INDEX STOCKS STOCKS RIC DAILY % YTD % DAILY % YTD % Japan +0.74 +0.40 -0.12 5.17 China -0.01 +0.28 0.05 5.30 India +0.19 +0.62 0.16 -6.04 Indonesia +0.46 +3.18 0.42 -1.66 Malaysia +0.57 +0.14 0.30 -6.34 Philippines -0.46 +2.35 0.30 0.74 S.Korea +0.27 -2.58 0.57 8.34 Singapore +0.23 +0.89 0.39 0.01 Taiwan +0.09 +1.20 -0.68 11.21 Thailand +0.51 +0.86 0.65 -3.90 (Reporting by Jaskiran Singh in Bengaluru; Editing by Jamie Freed)