* Manila stocks fall more than 1% * India"s Nifty 50 hits a record high * Investors long on most Asian currencies - Reuters poll * Thai markets shut for holiday By Sameer Manekar June 3 (Reuters) - Stocks in the Philippines and Malaysia led losses among calm emerging Asian markets on Thursday, while Indian shares hit a record high ahead of a central bank meeting this week. Moves in other regional stock markets were muted while currencies traded flat as investors awaited crucial U.S. economic data due on Friday for any signs of tightening of the Federal Reserve"s dovish policy. Prospects of U.S. economic recovery would further stir up talk of the Fed scaling back support measures earlier than expected, and that could unsettle Asia"s risk-sensitive markets. As Asian countries reeled under the COVID-19 pandemic and growing inflationary pressures, equities in May clocked their biggest foreign outflows in more than a year. Data showed foreigners sold $12.05 billion worth of equities in South Korea, Taiwan, Philippines, Thailand, Vietnam, Indonesia, and India last month. The Philippine bourse lost as much as 1%, giving up some ground after surging more than 3% in the previous session. The peso was trading largely flat. India"s Nifty 50 advanced up to 0.8% to a record high, while the rupee was largely steady. The Reserve Bank of India (RBI) is expected to keep interest rates at record lows and reiterate its commitment on liquidity. "As elevated inflation prevents the RBI from cutting policy interest rates further, the targeted easing remains their option," Prakash Sakpal, senior economist at Dutch-bank ING, said in a note. However, without any recovery in business confidence it may all be in vain, Sakpal added. In Malaysia, which is battling a resurgence in COVID-19 cases, shares fell about half a percent as the nation recorded its highest daily death toll since the start of the pandemic. The country"s finance minister warned that its 2021 economic growth forecast could be lowered due to the new restrictions imposed to curb the spread of the virus, and analysts say they could weigh on debt instruments. In South Korea, shares ended 0.7% higher, marking their fifth consecutive session of gains, while won closed flat. A Reuters poll showed bullish bets on the Chinese yuan hit a near six-month high, and investors were long on most Asian currencies as vaccination programmes in the region painted an optimistic picture despite a recent spike in infections. HIGHLIGHTS: ** Indonesia"s 10-year benchmark yields fall 3.2 basis points to 6.417% ** India"s services activity shrinks in May ** China"s services activity growth slows in May - ** India signs deal with domestic vaccine maker for 300 mln doses Asia stock indexes and currencies at 0634 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY YTD % DAILY % YTD % % Japan -0.24 -5.97 0.39 5.88 China -0.17 +2.12 -0.12 3.45 India -0.04 -0.07 0.56 12.03 Indones -0.21 -1.85 0.07 0.95 ia Malaysi +0.00 -2.50 -0.44 -2.24 a Philipp -0.10 +0.42 -0.73 -4.87 ines S.Korea -0.03 -2.46 0.72 13.01 Singapo -0.15 -0.25 0.12 11.29 re Taiwan +0.22 +2.98 0.47 17.06 Thailan 0.00 -3.79 0.00 11.61 d (Reporting by Sameer Manekar in Bengaluru; Editing by Simon Cameron-Moore and Sherry Jacob-Phillips) Our Standards: The Thomson Reuters Trust Principles.