*

Korean assets rally on U.S. trade deal prospects

*

India rupee slides on fears of 20%-25% tariff

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Dollar gains as EU deal disappoints markets

(Updates for afternoon trade)

By Roushni Nair

July 30 (Reuters) - The South Korean won and stocks rose

sharply on Wednesday, making them standout performers in mixed

trading elsewhere in Asia as investors cheered Seoul's progress

in trade negotiations with the United States ahead of the August

1 tariff deadline.

The won strengthened 0.7% to 1,378.4 per dollar,

while Seoul shares advanced more than 1% to a near

four-year high. Samsung Electronics ( SSNLF ) led the gains

after signing a $16.5 billion chip-supply deal with Tesla

earlier this week.

Korean assets gained momentum as three cabinet-level

officials met U.S. Commerce Secretary Howard Lutnick in

Washington, with Finance Minister Koo Yun-cheol preparing to

meet Treasury Secretary Scott Bessent on Thursday.

Seoul announced plans for a comprehensive trade package over

the weekend.

The urgency comes amid a broader regional race after

Vietnam, Indonesia, the Philippines and Japan secured agreements

with Washington, intensifying pressure on remaining economies.

Thailand expects to conclude talks before the deadline to avoid

tariffs as high as 36%.

Elsewhere, the Indian rupee was the region's

biggest underperformer after U.S. President Donald Trump said

India may face 20%-25% tariffs. It slipped 0.6% to a four-month

low and the central bank likely intervened to arrest the

decline, traders told Reuters.

Other regional currencies traded flat or lower, with

Singapore's dollar, Malaysia's ringgit and

Thailand's baht showing little movement.

Regional stock markets were mixed, with Taipei

rising more than 1% and Bangkok up 0.3%, while Jakarta

and Kuala Lumpur fell 0.6% and 0.2%.

The dollar strengthened as markets grew wary about their

earlier optimism towards the recently announced U.S.-EU trade

framework. Investors viewed the lopsided agreement as symbolic

rather than structural, reinforcing the greenback's appeal.

"Heading into the second half of the year, besides a payback

from export frontloading in the first half, the impact of the

high tariff rate on the bloc's (India and ASEAN) exports to the

U.S. is also likely to be felt," DBS analysts said in a note.

U.S. and Chinese officials agreed on Tuesday to seek an

extension of their 90-day tariff truce following talks in

Stockholm, though Trump will decide whether to extend the August

12 deadline.

Singapore's central bank kept monetary settings unchanged,

dashing easing hopes.

"Policymakers opted for a cautious approach to bide time

until more clarity emerges on global trade," said Shivaan

Tandon, markets economist at Capital Economics.

Investor focus now shifts to central bank meetings, with the

Federal Reserve expected to hold rates steady later in the day.

The Bank of Japan is also expected to stand pat on Thursday.

HIGHLIGHTS:

** Tsunami reaches Hawaii after huge quake rattles Russia

** Philippines posts $3.95 billion trade deficit in June

Asian

stocks

and

currenc

ies as

of 0659

GMT

COUNTRY FX RIC FX FX INDE STOCK STOCK

DAILY YTD X S S YTD

% % DAILY %

%

Japan +0.37 +6.2 9

China 1 EC>

India -0.52 -1.8 Indones -0.03 -1.8 Malaysi -0.07 +5.5 Philipp -0.32 +1.0 S.Korea 5 11>

Singapo +0.10 +6.1 Taiwan -0.01 +10. Thailan -0.19 +5.7 5

(Reporting by Roushni Nair in Bengaluru; Editing by Sam Holmes

and Subhranshu Sahu)