EMERGING MARKETS-Dollar wobble aids Asian currencies, Singapore shares slide

    * Graphic: World FX rates
    * Graphic: Foreign flows into Asian stocks
    * Taiwan dollar tracks best day in four months
    * Singapore stocks hit by dividend worries
    * Philippine stocks endure worst day in a week

    By Shashwat Awasthi and Pranav A K
    July 22 (Reuters) - Emerging Asian currencies firmed on Wednesday as unease around the next
round of economic stimulus in the United States kept the U.S. dollar subdued, while concerns
about rising coronavirus cases and imminent dividend cuts dented Singapore stocks.
    The Taiwanese dollar and South Korea's won each rose for the fourth
straight session and Indonesia's rupiah also gained.
    Southeast Asian stock markets wavered through the session and most traded flat to lower by
0700 GMT, with investors on edge as U.S. lawmakers struggle to agree upon terms for more fiscal
support for the economy.
    The greenback clawed back earlier losses and inched higher after China said the United
States had abruptly told it to close its consulate in the city of Houston, stoking more tension
between the countries.
    Broader risk appetite has improved this week amid progress in developing vaccines for the
novel coronavirus and a historic stimulus deal in Europe, reducing the greenback's safe-harbour
appeal and pushing investors back into emerging market plays.
    "The U.S. fiscal negotiations would not be inspiring anyone to hold capital in the U.S. and
while most think we will see a resolution around Phase 4 stimulus, we find little progress being
made at this juncture," foreign exchange broker Pepperstone's head of research Chris Weston
    Singapore shares stood out with a 0.9% drop after the city state reported its biggest
daily surge in virus cases in more than a month.
    Jeffrey Halley, an analyst at trading platform OANDA, said a cut in dividend by real estate
investment trust Mapletree Industrial Trust was also a headwind as markets fear more
cuts across sectors may follow.
    Malaysia's ringgit firmed 0.3%, but was unaffected by data that showed the economy
remained in deflationary territory for the fourth month in a row in June, in line with
    Thai stocks edged lower as exports were seen shrinking 8%-10% this year and on news
that a state of emergency in the country would be extended until the end of August.

    ** Indonesian 3-year benchmark yields are down 24.3 basis points at 5.68%
    ** Top losers on the Singapore STI include Dairy Farm International Holdings
 down 2.49%, Thai Beverage PCL down 2.27% and Singapore Telecommunications
 down 1.57%
    ** In the Philippines, top index losers are Semirara Mining and Power down 7.95%,
DMCI Holdings down 5.29% and Aboitiz Equity Ventures down 4.07%
  Asia stock indexes and currencies at 0703 GMT                                             
    Japan                   -0.07        +1.67                      -0.58          -3.83
    China                   +0.09        -0.16                      0.22            9.11
    India                   -0.10        -4.32                      0.18           -8.11
  Indonesia                 +0.23        -5.24                      -0.04          -18.84
  Malaysia                  +0.33        -3.70                      -0.20           0.25
 Philippines                -0.04        +2.65                      -1.17          -22.40
   S.Korea                  +0.21        -3.25                      -0.01           1.41
  Singapore                 +0.01        -2.78                      -0.92          -19.16
   Taiwan                   +0.51        +2.39                      0.61            3.97
  Thailand                  +0.00        -5.29                      -0.20          -13.02
 (Reporting by Shashwat Awasthi and Pranav A K in Bengaluru; Editing by Shounak Dasgupta)