EMERGING MARKETS-Malaysian ringgit hits 7-month low, other Asian FX fall on growth worries

* Malaysian ringgit hits lowest since Nov 11 * Singapore, Malaysia inflation eases in May * Thai baht, Malaysian ringgit set for worst week since mid-Feb * Turkish lira hits all-time low, Russian rouble down 3.6% By Echha Jain June 23 (Reuters) - The Malaysian ringgit hit a seven-month low on Friday against a broadly strong dollar and weak oil prices and the Turkish lira hit a record low, while other Asian currencies weakened as hawkish central banks aggravated global growth concerns. The ringgit depreciated 0.5% to hit 4.672 per dollar, its lowest level since November 11, 2022. It is set to lose 1.4% over the week, the worst weekly fall since mid-February. Stocks in Malaysia, on the other hand, jumped as much as 0.2%, marking their fourth straight day of gains. Meanwhile, data showed inflation in May eased to 2.8% in the country from 3.3% last year, lower than the 3% growth forecast in a Reuters poll. Barclays said it continues to expect inflation to average 2.5% this year, below the central bank's forecast range, and forecasts no more rate hikes. However, it added the risk of another quarter-point hike remains as the central bank maintains a "slightly accommodative" stance. Elsewhere, the Turkish lira fell 0.7%, extending Thursday's losses after the central bank's policy tightening came in below market expectations. The Russian rouble sank 3.6% as oil prices fell sharply after the Bank of England hiked rates more than expected. Most other Asian currencies were also on the back foot, with the South Korean won and the Thai baht depreciating 0.7% and 0.4%, respectively. The Thai baht was set to end the week 1.7% lower, the worst weekly fall since mid-February. A persistently hawkish tone by the U.S. Federal Reserve and other major central banks has stoked fears that efforts to rein in runaway inflation will spark a recession. "Some market players are starting to be concerned about what emerging market (EM) central banks that recently paused rate hikes would decide if their (respective) inflation rate rose again or rose more than expected," said Poon Panichpibool, a markets strategist at Krung Thai Bank. High & rising interest rates across developed market nations could increase the probability of a slowdown in the U.S. and Europe, and that could put pressure on EM Asia exports, Panichpibool added. The U.S. and Europe are major export destinations for most EM Asia countries. Elsewhere, the Singapore dollar fell 0.4% after data showed inflation rose at a slower pace in May, giving rise to bets that the central bank would leave its monetary settings unchanged at the next review in October. The Indonesian rupiah slipped 0.4% and stocks were down 0.1%. The Indian rupee depreciated 0.1% and equities lost 0.3%. Shares in Seoul fell 0.7%, and were set to end the week 2.1% lower, the worst weekly fall this year. Markets in China and Taiwan were closed for a holiday. HIGHLIGHTS: ** Philippines plans $44 bln in borrowing to fund 2024 budget ** Malaysia to take legal action against Meta, says harmful content not removed ** Biden addresses Xi 'dictator' remark, says US-China relations unharmed Asia stock indexes and currencies at 0700 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan -0.20 -8.57 <.N2 -1.7 25.3 25> China EC> India -0.09 +0.84 <.NS -0.26 3.41 EI> Indones -0.43 +3.77 <.JK -0.11 -3.00 ia SE> Malaysi -0.51 -5.82 <.KL 0.03 -6.71 a SE> Philipp -0.10 +0.04 <.PS 0.05 -2.41 ines I> S.Korea 11> Singapo -0.43 -0.79 <.ST -0.71 -1.59 re I> Taiwan - -0.69 <.TW - 21.68 II> Thailan -0.43 -1.89 <.SE -0.17 -9.70 d TI> (Reporting by Echha Jain in Bengaluru; Editing by Janane Venkatraman )