* Asian currencies facing the brunt due to local outbreaks * Thai baht on 4-week losing streak * Philippine shares tumble 2.5% By Anushka Trivedi July 9 (Reuters) - The Thai baht slumped almost 1% on Friday to lead losses among Asian currencies, as markets turned risk averse due to the spread of highly contagious Delta variant of coronavirus at home and abroad cast a shadow on global economic recovery. The baht dropped to 32.72 per dollar, a level it last traded at during the COVID-19 outbreak in April last year, while the South Korean won continued its decline for a third day after strict curbs were extended in parts of the country. The Indonesian rupiah, the Malaysian ringgit and the Singapore dollar eased 0.1% to 0.2%. Thailand, Malaysia, Indonesia and South Korea already faced pressure from recent devastating outbreaks and the slow pace of vaccination, but the rapid rise in coronavirus cases in developed economies has stoked worries of more lockdowns that could hinder global trade. "Broad risk aversion was even more apparent in the foreign exchange space with U.S. dollar on the rise...Regional (Asian) currencies took the brunt because of worsening COVID outbreaks here," Maybank analysts said in a note. "The trigger could be the state of emergency declared for Tokyo on Thursday, underscoring the challenges of overcoming the Delta variant." The baht has been declining for four weeks and is the worst performing currency in the region this year as its economy hinges on tourism revival, which is in doubt due to the latest travel curbs following record COVID-19 deaths in Thailand. Confidence in the baht has worsened since the Bank of Thailand slashed its growth forecast for the economy last month, predicting it would return to pre-pandemic levels only by 2023. Most Asian equities fell in line with the frail market sentiment, with the Philippine stock index leading declines, tumbling 2.5% to see its worst day since March 19. South Korean stocks shed 1.5%, on track to mark their worst week since February. Taiwan and India shares shaved off 1.1% and 0.6%, respectively. Malaysian stocks rose 0.6%, looking to snap a five-day losing streak and recoup some losses from the previous session when they plunged almost 2% on renewed political tensions in the country. HIGHLIGHTS ** Thailand"s Prime Minister Prayuth Chan-ocha to consider new COVID-19 restrictions in a meeting on Friday ** In the Philippines, top index losers are JG Summit Holdings Inc down 4.1% and Aboitiz Equity Ventures Inc down 3.8% ** Indonesian 10-year benchmark yields were up about 4.1 basis points at 6.572% Asia stock indexes and currencies at 0435 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan -0.11 -6.07 -1.75 0.66 China +0.09 +0.67 -0.69 0.81 India +0.06 -2.14 -0.51 11.92 Indonesia -0.17 -3.47 0.02 1.03 Malaysia -0.13 -3.95 0.60 -6.73 Philippines +0.34 -4.06 -2.48 -5.41 S.Korea -0.35 -5.47 -1.70 11.27 Singapore -0.09 -2.41 0.36 9.67 Taiwan -0.08 +1.52 -1.31 19.68 Thailand -0.67 -8.32 0.33 6.86 (Reporting by Anushka Trivedi in Bengaluru; Additional reporting by Tom Westbrook; Editing by Sam Holmes) Our Standards: The Thomson Reuters Trust Principles.