EMERGING MARKETS-Most Asian equities rise ahead of US jobs data, currencies mixed

* Shares in Singapore, Seoul and Kuala Lumpur set for weekly gains * U.S. non-farm payrolls data eyed * Reserve Bank of India to announce policy decision By Archishma Iyer June 7 (Reuters) - Most Asian stock markets rose on Friday, with some headed for weekly gains, while currencies traded mixed as investors awaited a key U.S. jobs report to help better judge the timing of expected rate cuts by the Federal Reserve. Seoul's benchmark index was the top gainer, rising 0.9% with the stock market poised for its best week since March 22. The European Central Bank kicked off its rate-cutting cycle by slashing interest rates by a quarter point, becoming the second G-7 economy after Canada to loosen policy, which further buoyed investor sentiment. Investors will now look forward the U.S. non-farm payrolls data due later on Friday, which could solidify expectations for a rate cut in September by the world's most influential central bank. In emerging economies, elections hogged the limelight this week, with investors dumping assets from Mexico, India and South Africa after election shocks from these countries forced traders to recalibrate their bets on fiscal policies. "The aftermath of the unexpected election results in South Africa, Mexico and India could continue to create idiosyncratic volatility," Barclays analysts said in a client note. Citi analysts said that though it was too early to call for a synchronised rise in emerging market fiscal risk, they could not discard the possibility of rising fiscal concerns in negative scenarios, potentially catalysed by the acute political changes. Meanwhile, the Reserve Bank of India will convene later on Friday, where the central bank is widely expected to stand pat on rates again. Asia's third-largest economy will report its inflation data next week. Among other Asian stock markets, Singapore, Kuala Lumpur and Manila rose between 0.1% and 0.4%, with shares in Singapore set for their fourth consecutive weekly rise, while those in Malaysia were on track for their best week since late April. Bangkok stocks traded marginally lower, paring early gains after Southeast Asia's second-largest economy reported higher-than-expected inflation for May. Shares in Taipei fell 0.2%, while those in Jakarta slipped 0.5%. Both Thailand and Taiwan are set to hold central bank meetings next week, where it is largely expected they will hold their respective policy rates. Among Asian currencies, the South Korean won was the top gainer of the day, rising 0.3%, while the Indonesian rupiah and the Philippine peso followed suit, rising 0.2% each. The Thailand baht edged marginally higher, while the Singapore and Taiwan dollars traded flat. HIGHLIGHTS: ** Indonesia's benchmark 10-year bond yield falls to 6.901% ** India company tribunal clears Air India-Vistara merger ** Indonesia's forex reserves rise in May to $139 bln, cenbank says ** China's May exports pick up pace, top forecast in boost to economic recovery Asia stock indexes and currencies at 0340 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCK DAILY YTD % DAILY S YTD % % % Japan -0.11 -9.44 -0.11 15.53 China -0.01 -2.04 -0.38 2.09 India +0.02 -0.30 0.00 5.02 Indonesia +0.18 -5.12 -0.52 -4.60 Malaysia -0.02 -2.19 0.23 11.26 Philippines +0.26 -5.38 0.09 1.02 S.Korea +0.32 -5.89 0.85 2.15 Singapore +0.04 -1.93 0.35 3.15 Taiwan -0.01 -4.80 -0.20 21.91 Thailand +0.11 -6.04 -0.05 -6.23 (Reporting by Archishma Iyer in Bengaluru; Editing by Jamie Freed)