EMERGING MARKETS-Brazilian real leads Latam FX higher; stocks jump 2%

* Latam currencies up 1.1%, stocks rise 2.4% * U.S. dollar falls, boosting riskier currencies * Mexican peso up ahead of GDP, inflation data this week * Vale leads gains on Brazil's Bovespa as iron prices surge By Bansari Mayur Kamdar May 23 (Reuters) - Latin American stocks rose over 2% on Monday as risk sentiment improved globally and firm metal prices boosted the commodity-heavy indexes, while currencies rose on a weaker dollar. The MSCI's index of Latam stocks climbed 2.4%, outperforming the 0.1% decline in the broader emerging market index. "We still have a dynamic where some of the Latam countries could benefit more than their emerging market peers just because they are better placed in this commodity rally and some of the central banks are a little more ahead of the curve," said Rachel Ziemba, founder at Ziemba Insights. The U.S. dollar index fell 0.7%, supporting riskier currencies, while an improvement in sentiment around China as Shanghai started edging out of lockdown also reassured investors. The currencies index advanced 1.1%, led by a 1.8% jump in the Brazilian real,. Meanwhile, miner Vale SA led Brazil's Bovespa index 1.1% higher, as iron ore prices surged after India raised export duties on some commodities to rein in inflationary pressures. Copper prices climbed to their highest in more than two weeks, buoyed by declining inventories and a weaker dollar, lifting currencies of producers Chile and Peru up 0.9% and 0.5%, respectively. The Mexican peso appreciated 0.4% in a market attentive to the upcoming monetary policy decisions by the U.S. Federal Reserve and the Bank of Mexico to combat inflation. Inflation data from Mexico due later this weak is forecast to have slowed in the first half of May, although still far above central bank targets, reinforcing expectations of continued interest rate hikes through the rest of the year. "Mexico continues to be a country that's really struggling to grow and one that doesn't have much policy space on the fiscal and monetary side. And so, we're going to continue to see this combination of relatively high inflation and low growth," said Ziemba. "The central bank is going to likely continue on its hiking path with moderate hikes." In Colombia, the candidates for the presidency closed their campaigns on Sunday with massive public events to gain the support of the voters for elections week. The Colombian peso rose nearly 1% against the dollar. Elsewhere, the Russian rouble firmed 4.5% against the dollar supported by capital controls and an upcoming month-end tax period. Key Latin American stock indexes and currencies at 1445 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1034.79 -0.05 MSCI LatAm 2433.71 2.42 Brazil Bovespa 109572.31 1 Mexico IPC 51577.43 0.11 Chile IPSA 5084.47 2.04 Argentina MerVal 88968.27 0.964 Colombia COLCAP 1475.08 1.08 Currencies Latest Daily % change Brazil real 4.7971 1.54 Mexico peso 19.7971 0.27 Chile peso 827.8 1.10 Colombia peso 3927.85 0.94 Peru sol 3.707 0.57 Argentina peso (interbank) 118.9500 -0.39 Argentina peso (parallel) 202 0.99 (Reporting by Bansari Mayur Kamdar and Shreyashi Sanyal in Bengaluru; Editing by Bernadette Baum)