* Graphic: World FX rates tmsnrt.rs/2RBWI5E * Singapore shares rally over 1% * S. Korea stocks hit record closing high By Anushka Trivedi July 6 (Reuters) - Philippine stocks and the peso declined on Tuesday, as investors fretted over a double whammy of stubbornly high inflation and an economic recession, while Singapore shares rallied to a more than one-month high. The peso fell 0.2% to 49.43, while stocks shed 0.6% as data showed the consumer price index (CPI) for June rose 4.1% and the six-month average of 4.4% came in above the central bank"s target band of 2%-4% for 2021. The peso languished near one-year lows, while its peers firmed against a subdued dollar. But rising crude prices weighed on currencies of most oil importers in the region, capping further gains. The Indonesian rupiah, the South Korean won and Singapore"s dollar edged up between 0.1% and 0.2%. In line with its Asian counterparts, the peso had been on a downtrend since the U.S. Federal Reserve"s June meeting when it surprised markets with a hawkish shift hint, but its drop was more pronounced due to consistently weak economic indicators. Even if the inflation numbers moderate in the next few months, they will still remain near the upper end of the target by the end of the year, said Khoon Goh, head of Asia research at ANZ Bank (Singapore). "High inflation, together with recent deterioration in Philippines" trade balance is a key reason why the peso has been under pressure lately." The Southeast Asian nation, which downgraded its growth forecast for this year and the next in May, saw its trade deficit balloon to $2.7 billion in April from $499 million a year ago as coronavirus lockdowns whacked demand and hindered shipments. In a stark contrast, Singapore stocks jumped 1.5% with travel and property firms leading gains as the city-state"s gradual pullback from coronavirus curbs and fast-paced vaccination drives fuelled hopes of a solid economic recovery. Citi analysts in a note predicted economic growth of 7% in the second half, aided by exports as broader activity in Singapore reached pre-COVID levels earlier than expected. Thai stocks rose 0.7%, shrugging off news that the country"s government was considering tax on share sales by individual investors. Elsewhere, South Korea"s KOSPI hit a record closing high ahead of expected blowout preliminary earnings from chip giant Samsung Electronics. HIGHLIGHTS ** Indonesian 10-year benchmark yields are down 5.4 basis points at 6.589% ** FOMC June meeting minutes awaited on Wednesday ** Top gainers on the Singapore STI include: Keppel DC REIT up 3.2% and Singapore Airlines Ltd up 3% Asia stock indexes and currencies at 0734 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan +0.08 -6.88 0.16 4.37 China +0.04 +1.04 -0.11 1.65 India -0.07 -1.73 0.34 13.63 Indonesia +0.04 -2.97 0.65 1.09 Malaysia +0.13 -3.10 -0.04 -5.86 Philippines -0.24 -2.95 -0.62 -2.06 S.Korea +0.19 -3.85 0.36 15.03 Singapore +0.16 -1.64 1.28 11.86 Taiwan +0.03 +2.07 -0.03 21.59 Thailand +0.03 -6.67 0.71 9.74 (Reporting by Anushka Trivedi in Bengaluru; Editing by Rashmi Aich) Our Standards: The Thomson Reuters Trust Principles.