* 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)