By Shashwat Chauhan

Oct 24 (Reuters) -Most emerging market currencies eked out gains on Thursday as the dollar softened, while a broader gauge of stocks was down as focus remained on the U.S. presidential election and the Federal Reserve's interest rate path.

MSCI's index for emerging market (EM) stocks .MSCIEF dipped 0.6% by 0835 GMT, as Mainland China shares .SSEC, .CSI300 closed lower. .SS

Bourses in South Korea .KS11 and Hong Kong .HSI also fell 0.7% and 1.3%, respectively.

A gauge of currencies .MIEM00000CUS edged up 0.2% after falling for the last three sessions, with China's yuan CNH= also up 0.2% in offshore trading.

Most currencies in Central and Eastern Europe (CEE) traded flat to lower against the euro, while stocks were mixed. CEE/

Dollar pairs in emerging Europe rose, as the greenback weakened.

South Africa's rand ZAR= gained 0.5% after falling more than 1% in the previous session, while local stocks .JTOPI added almost 1%, with commodity-linked shares rising as precious metal prices advanced.

Despite Thursday's dip, the dollar index =USD, which measures the greenback against a basket other major global currencies, hovered near a three-month high.

The dollar has remained in favour globally as investors scale back expectations of large U.S. rate cuts, with a recent rise in Treasury yields reflecting that sentiment.

Traders currently see a 93% chance of the Fed opting for a 25 basis point cut in November, according to CME's FedWatch Tool.

Also adding uncertainty was the U.S. election on Nov. 5, with markets increasingly pricing in former President Donald Trump retaking the White House.

"A Trump victory comes with increased chances of a Republican sweep, giving him a freer hand to implement fiscally expansionary policies," Mohit Kumar, chief economist Europe at Jefferies wrote.

Trump's proposed policies on taxes and tariffs are seen as inflationary, likely keeping U.S. interest rates high and undermining the currencies of trading partners.

Russia's rouble weakened slightly against the dollar and China's yuan a day before a central bank board meeting in which analysts expect a hike in the key interest rate to fight inflation.

Later in the day, inflation readings in Mexico and Brazil will be in focus.

HIGHLIGHTS:

** Retro bonds return from the '80s to speed up debt reworks, but at a cost

** Bears circle China's yuan gearing for Trump win

** World bank, IDB grant Argentina $8.8 bln in financing, says government

Reporting by Shashwat Chauhan in Bengaluru; Editing by Kirsten Donovan

For TOP NEWS across emerging markets nTOPEMRG
For CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB