* Yuan, Shanghai stocks jump as China markets reopen after holiday * Indian stocks, rupee lifted by c.bank comments * Philippines benchmark marks over 1% weekly drop * Taiwan, South Korea markets closed for public holidays By Shruti Sonal Oct 9 (Reuters) - Asia's emerging market currencies edged higher on Friday following a jump in the yuan as Chinese markets reopened after a week-long break, underpinned by upbeat services sector survey and growing bets of a Biden victory in the U.S. presidential elections. The yuan jumped 1.3% to a 17-month high against the U.S. dollar, catching up with gains in its offshore counterpart during the holidays in the mainland. A softer U.S. dollar, as investors wager on the likelihood of more stimulus measures if Democrats sweep the Nov. 3 election, also aided the yuan and the region. The Philippine peso and Thai baht edged 0.1% and 0.2% higher respectively. An industry survey showed growth in China's services sector accelerated in September, suggesting its economic recovery is becoming more balanced and continues to gain momentum. China is the main driver of growth in the region. India's rupee edged higher after the Reserve Bank of India (RBI) left its key interest rates unchanged as widely expected, while retaining an accommodative policy stance to support the coronavirus-ravaged economy. RBI Governor Shaktikanta Das said the economy is expected to contract by 9.5% in the current fiscal year but will return to growth in the final January-March quarter, further lifting shares. However, analysts remained cautious about whether the strength in local regional currencies could endure. "I don't know whether this rally could sustain, given the fact that we're heading towards the U.S. election and that there could be plenty of political uncertainties down the road," said Margaret Yang, a Singapore-based strategist at DailyFX. Philippine stocks dipped 0.2% and ended the week more than 1% lower. The country reported its largest daily increase in COVID-19 deaths in more than three weeks on Thursday. There were also lingering concerns over a possible delay in passing a crucial $89 billion budget to rebuild its battered economy. Data showing a sharp drop in both imports and exports in August added to concerns of underlying weakness of the Philippine economy. The peso is also Asia's top performer so far this year. "Trends in Philippine trade data continue to be supportive of our view for peso strength in the near term," ING analysts said in a note. Elsewhere, stock markets were largely muted in sharp comparison to Shanghai stocks playing catch-up with a near 2% jump. HIGHLIGHTS: ** Philippines' Converge ICT Solutions Inc prices the country's second largest ever initial public offering ** Protests continue in the Indonesian capital against a polarising new jobs law ** Malaysia's 10-year benchmark yield is up 0.9 basis points at 2.695% Asia stock indexes and currencies at 0737 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.06 +2.51 -0.12 -0.16 China +1.22 +3.66 1.68 7.28 India +0.12 -2.42 0.62 -2.14 Indonesia +0.07 -5.42 0.05 -19.97 Malaysia +0.14 -1.33 0.15 -4.22 Philippines +0.10 +4.69 -0.19 -24.10 S.Korea - +0.27 - 8.84 Singapore +0.11 -0.89 -0.20 -21.25 Taiwan - +3.94 - 7.42 Thailand +0.19 -3.86 -0.44 -19.66 (Reporting by Shruti Sonal in Bengaluru; Editing by Rashmi Aich)
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