* Indian shares rebound after worst day in 4 years
* South Korean shares hit highest since May 29
* Philippine inflation rose for the fourth straight month

By Adwitiya Srivastava
       June 5 (Reuters) - Most emerging Asian currencies inched
up as the dollar steadied on Wednesday and stocks were largely
mixed, while Indian stocks were volatile as investors digested a
unexpectedly narrow election win for Prime Minister Narendra
Modi's alliance.
    The Nifty index was last up 2% having swung between
gains and losses in early trading.
    The scenario of Modi's Bharatiya Janata Party (BJP) needing 
to depend on regional parties, whose political loyalties have
wavered over the years, to form the government raised concerns
over economic policies, worrying investors. 
    "The election outcome poses near-term uncertainty but is
unlikely to alter the economy's path," DBS analysts wrote in a
note.
    "Consolidation might return in the near-term as government
and cabinet formation looms in the background," they said,
adding that political developments are not expected to sway the
monetary policy direction or outlook for the country.    
    Elsewhere in Asia, the Malaysian ringgit, the Thai
baht and the Taiwanese dollar edged up 0.1%
each.
    The South Korean won advanced 0.4% and was set
for its best day in nearly two weeks.
    Official statistics released on Tuesday showed the country's
consumer inflation fell in May for the second consecutive month
to a 10-month low, coming in lower than market expectations.
    Shares in Seoul rose 1.2% to their highest since May
29, propelled by heavyweight chipmaker Samsung Electronics after
remarks by Nvidia's CEO allayed investor concerns about its
processors lagging behind competitors. 
    The Philippine peso rose 0.1%, while equities
in the region were up 0.4%, after data showed that Philippine
annual inflation quickened for a fourth straight month in May.
    The Bangko Sentral ng Pilipinas (BSP) said the data was
consistent with its expectations that inflation could accelerate
over the near term.
    On Tuesday, BSP Governor Eli Remolona had reiterated that
the benchmark policy rate, currently at a 17-year high of 6.50%,
could be cut before the U.S. Federal Reserve starts it easing
cycle.   
    Other regional stock markets also rose. Shares in Bangkok
 rose 0.3%, while those in Taiwan and Singapore
 rose 0.6% and 0.3%, respectively.
    Bets on an interest rate cut in September by the U.S.
Federal Reserve firmed after data showed U.S. job openings fell
more than expected in April to the lowest level in more than
three years, a sign that labour market conditions are softening.
    Global investors are now looking out for the European
Central Bank's policy decision on Thursday and for monthly U.S.
payroll figures due on Friday.
    Bucking the positive trend in Asia, the Indonesian rupiah
 was down 0.3% at its lowest since April 8, while equities
 dropped 1.4%.
    Indonesia's central bank will continue to intervene in the
foreign exchange market amid global volatility, its governor
said on Wednesday, adding the rupiah would strengthen next year.
    In Mexico, the peso extended losses for a second
session on Tuesday after a strong election victory for the
country's ruling party sparked concerns the government could
easily pass disputed constitutional reforms.
        
  
    HIGHLIGHTS:    
    ** Thai business group keeps 2024 GDP growth forecast at
2.2% to 2.7%
    ** India's May services growth cools to five-month low, PMI
shows
    ** China's robust services activity drives up employment,
Caixin PMI shows
    
  Asia stock indexes and currencies at                    
 0601 GMT                                           
 COUNTRY   FX RIC          FX     FX  INDE  STOCKS  STOCKS
                      DAILY %  YTD %     X   DAILY   YTD %
                                                 %  
 Japan                  -0.50  -9.37  <.N2  #VALUE  #VALUE
                                      25>     !       !
 China                               EC>           
 India                  +0.15  -0.23  <.NS    2.00    2.71
                                      EI>           
 Indonesi               -0.31  -5.35  <.JK   -1.39   -3.74
 a                                    SE>           
 Malaysia               +0.06  -2.28  <.KL   -0.12   10.91
                                      SE>           
 Philippi               +0.10  -5.64  <.PS    0.39   -0.60
 nes                                  I>            
 S.Korea                             11>           
 Singapor               +0.04  -1.99  <.ST    0.29    3.35
 e                                    I>            
 Taiwan                 +0.10  -5.03  <.TW    0.60   19.82
                                      II>           
 Thailand               +0.09  -6.57  <.SE    0.26   -5.30
                                      TI>           
 
 (Reporting by Adwitiya Srivastava in Bengaluru; Editing by
Sonali Paul)