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EMERGING MARKETS-Mexican peso rises as hot inflation data ramps up rate hike bets

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* Mexican inflation higher than expected in early July * Hungary cenbank seen raising rates further next week as CPI risks mount * Russian rouble falls past 58 vs dollar after central bank cuts rates (Updates prices) By Anisha Sircar and Devik Jain July 22 (Reuters) - Mexico's peso rose against the dollar on Friday, outperforming other Latin American currencies after a hot reading on consumer prices data bolstered expectations of further interest rate hike by the central bank in August. The currency of Latam's second-largest economy was up 0.4% to 20.55 after statistics agency INEGI said in the first half of July inflation accelerated 0.43% over the second half of June, against a forecast of 0.39% in a Reuters poll of economists. Inflation in the year through early July reached 8.16%, against an expected rise of 8.10%. Banxico, as the central bank is known, has increased the benchmark rate by 375 basis points since mid-2021. "Growth concerns in emerging markets (EM) are heard loud and clear, but as regards policy rate expectations, inflation is firmly in the driver's seat," said Natalia Gurushina, EM Fixed Income economist at VanEck. Gurushina added Mexico's CPI numbers, "strengthen expectations that the central bank will go for another 75bps in August, raising the policy rate to 8.5%." Russia's rouble fell against the dollar after the central bank cut its key interest rate by a bigger-than-expected 150 bps to 8%. Hungary's central bank is expected to raise rates by 100 basis points to 10.75% next Tuesday, while Colombia's central bank could hike its benchmark interest rate to 9% next week, maintaining rate-increase intensity amid persistent inflation. While emerging markets started their monetary policy tightening cycles well before developed peers, inflation has consistently exceeded expectations in those countries. Added to that, tightening financial conditions across the globe, surging dollar and a softening in commodity prices has weighed on the resource-rich Latin American currencies after a strong rally earlier this year. Regional currencies were down 0.8% for the week and 3.2% so far in July. Chile's peso fell 2.6%, but still gained 2.2% for the week as the central bank announced a $25 billion intervention to buoy the currency after it hit a series of record lows. Brazil's real was flat. Brazilian fixed-income markets are pricing in the highest risk levels in years after Congress cracked open a constitutional spending cap, raising red flags among investors and government officials who see little relief in sight. Latam stocks were up nearly 1% on the week so far after slumping 4.5% last week as risk appetite got a lift from pledges of stimulus in China, reports of Russian gas flowing back to Europe, some strong U.S. earnings and tempered bets of a supersized hike from the Fed. Latin American stock indexes and currencies at 1956 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 989.88 -0.08 MSCI LatAm 1970.93 -0.21 Brazil Bovespa 98930.69 -0.1 Mexico IPC 47169.81 -0.52 Chile IPSA 5202.80 -0.03 Argentina MerVal 113308.25 1.153 Colombia COLCAP 1276.19 -1.19 Currencies Latest Daily % change Brazil real 5.4974 -0.03 Mexico peso 20.5510 0.32 Chile peso 952.1 -2.37 Colombia peso 4453.25 -0.86 Peru sol 3.9029 0.01 Argentina peso (interbank) 129.7300 -0.10 Argentina peso (parallel) 333 1.20 (Reporting by Anisha Sircar and Anisha Sircar and Devik Jain; Editing by Elaine Hardcastle and Grant McCool)