* Malaysian ringgit set for best week in 2 months
* Philippine stocks hit highest in 1 year
* Indonesia Feb CPI higher-than-expected

By Ayushman Ojha
       March 1 (Reuters) - Asian currencies kept tight ranges
while stocks were mixed on Friday, after data showed U.S.
inflation at a three-year low, keeping alive expectations of
rate cut by Federal Reserve in June.
    Regional currencies have remained muted this week. The
Philippine peso gained 0.3% on Friday, but was on track
for a 0.2% weekly fall, while the Thai baht was set to
gain 0.5% for the week.
    The Malaysian ringgit inched 0.1% higher and headed
for a 0.8% increase for the week, its best weekly gain in two
months.
    The currency has edged away from the 26-year low it reached
last week. The country's finance ministry said it expects the
ringgit to appreciate this year and dismissed suggestions
monetary might be adjusted to prop up the currency, which has
weakened 3.2% in 2024.
    Malaysia's Prime Minister Anwar Ibrahim and central bank
Governor Abdul Rasheed Ghaffour have both said they see the
ringgit as undervalued and not reflective of the country's
strong fundamentals.
    Second Finance Minister Amir Hamzah Azizan has said the
central bank has also stepped up efforts to curb excessive
movement in the ringgit's value and encouraged firms to use
local currency for export settlements to reduce dependency on
the dollar.
    "We could see more relief for the ringgit by the middle of
the this year, but for now, I think the interest rate
differential or disadvantage, could still work against the
ringgit," said Moh Siong Sim, FX strategist at Bank of
Singapore. 
    Meanwhile, U.S. personal consumer expenditures (PCE) price
index data picked up in January in line with expectations, while
annual inflation slipped to the lowest in three years, keeping
the chances of a Fed rate cut by mid-year on the table.
    In Asia, shares in the Philippines rose as much as
0.9% to their highest in a year and were on track for their
sixth straight weekly gain.
    Malaysian stocks dropped as much as 0.5%, while
Thailand stocks lost 0.5% on Friday.
    Stocks in Indonesia were down as much as 0.6% and
the rupiah gained 0.2%.
    Indonesia's inflation rate was at 2.75% in February, above
expectations, while core inflation was unchanged from the month
before and below market's prediction.
    The country's annual inflation rate has stayed within the
central bank's target range since mid-2023, following Bank
Indonesia's decision to hike interest rates a total of 250 basis
points between August 2022 and October 2023.
    "While the inflation is still well behaved, the Bank
Indonesia's policy decision in terms of when to ease will still
be dependent on the Fed itself," Bank of Singapore's Sim added.
    Meanwhile, data from China showed manufacturing activity in
February contracted for a fifth straight month, raising pressure
on policymakers to consider further stimulus measures.
    China's yuan slipped 0.1% and stocks were
largely unchanged.
    
    HIGHLIGHTS:    
    ** Thai central bank chief: rate cuts will not help economy
    ** China's new home prices rise at slower pace in February,
survey shows
    ** India's factory growth at five-month high in February,
cost pressures cool

  Asia stock indexes and                            
 currencies at 0511 GMT                        
 COUNTRY  FX RIC        FX    FX  INDE  STOCK  STOCK
                     DAILY   YTD     X      S  S YTD
                         %     %        DAILY      %
                                            %  
 Japan               -0.27  -6.2  <.N2  1.93   19.30
                               0  25>          
 China                       7  EC>          
 India               +0.08  +0.4  <.NS   0.99   2.16
                               3  EI>          
 Indones             +0.16  -1.8  <.JK  -0.61  -0.02
 ia                            5  SE>          
 Malaysi             +0.13  -3.0  <.KL  -0.68   5.92
 a                             8  SE>          
 Philipp             +0.32  -1.1  <.PS   0.84   8.57
 ines                          3  I>           
 S.Korea                     7  11>          
 Singapo             +0.01  -1.9  <.ST   0.08  -2.96
 re                            6  I>           
 Taiwan              -0.08  -2.7  <.TW  -0.13   5.64
                               4  II>          
 Thailan             -0.10  -4.8  <.SE  -0.23  -3.42
 d                             9  TI>          
 
    
 (Reporting by Ayushman Ojha in Bengaluru. Editing by Sam
Holmes)