EMERGING MARKETS-Equities advance ahead of key c.bank meetings; ringgit near 7-mth high

* Fed, BOJ meetings in focus * Ringgit at highest since early January * Stocks recover in S.Korea, Taiwan * Inflation data awaited from Indonesia, S.Korea By Shivangi Lahiri July 29 (Reuters) - Asian equities regained their footing on Monday, heading into a week packed with key central bank policy decisions and domestic economic data that would influence traders' positions in risky emerging assets in the near term. Rebounding from a sharp sell-off last week when investors rotated out of tech stocks, MSCI's gauge of equities in emerging Asia and a broader index of stocks in Asia excluding Japan advanced 1% each. Regional currencies were largely steady, except for the Malaysian ringgit and the South Korean won which gained modestly, taking the former to its highest since early January. Traders globally will be focusing on Wednesday's monetary policy meetings of the Bank of Japan (BOJ) and the U.S. Federal Reserve. While uncertainty lingers about the BOJ's stance on interest rate and its bond-buying program, investors will be scouring the Fed's statements, seeking further validation for their bets of a September rate cut. "If the FOMC does pivot more dovish, that should set the scene for further dollar declines" and lend support to Asian currencies, said Khoon Goh, Asia research head at ANZ. A Fed rate cut would widen yield differentials between U.S. and Asian bonds, making emerging markets attractive for investors. CME's FedWatch tool shows a 100% chance of a rate cut in September. In Malaysia, the ringgit advanced 0.5% to 4.630 a dollar, its highest since early January, and a third successive day of gains, while the benchmark index added 0.8%. Both stocks and currency have outperformed peers this year. Investors see Malaysia occupying a sweet spot as political stability, favourable policies, and strong growth have attracted massive flows this year, bolstering equities and the currency. "Political stability has returned and is expected to be around for a while," Goh added. Ringgit support could stem from "coordinated conversions" to domestic currency by government-linked companies, along with a central bank that is holding rates even as a pivot narrative gains momentum globally, Maybank analysts said in a client note. Elsewhere, shares in Seoul and in Taipei advanced more than 1.5%, stabilising after last week's massive sell-off by traders ditching megacap stocks. In Japan, the yen strengthened as much as 0.4% while the Nikkei share average rebounded from Friday's three-month low. A Reuters poll of 37 economists showed the BOJ is likely to skip rate hikes this month but prioritise scaling back bond-buying. A BOJ that is more hawkish than expected would spell further strength in the Japanese yen, which would spill into Asian currencies, Goh added. Inflation data from Indonesia and South Korea will also be on investors' radar this week. HIGHLIGHTS: ** BOJ's victory lap on deflation paves way for rate-hike cycle ** South Korea prepares support for e-commerce vendors hit by payment delays ** Indonesia's Q2 FDI up 16.6% y/y, investment ministry says ** Venezuela's Maduro wins third term, electoral authority says ** Markets in Thailand closed for a public holiday Asia stock indexes and currencies at 0438 GMT COUNTRY FX FX FX INDEX STOCKS STOCKS RIC DAILY % YTD % DAILY % YTD % Japan +0.12 -8.12 2.39 15.25 China -0.08 -2.18 0.04 -2.78 India +0.01 -0.61 0.29 14.61 Indonesia +0.00 -5.47 0.18 0.39 Malaysia +0.50 -0.91 0.74 11.69 Philippines -0.07 -5.14 0.31 4.60 S.Korea +0.14 -6.79 1.27 4.19 Singapore +0.02 -1.68 0.73 6.52 Taiwan -0.06 -6.44 0.67 24.18 Thailand - -4.86 - -7.67 (Reporting by Shivangi Lahiri and Sameer Manekar in Bengaluru)