EMERGING MARKETS-Latam FX rise as U.S. inflation data dents dollar

    * Mexican peso hits two-month high
    * Russian rouble jump ~2%
    * Argentina's inflation expected to heat up again in March
    * GPA SA rises on potential IPO related to e-comm unit 

 (Updates prices)
    By Susan Mathew
    April 13 (Reuters) - Most Latin American currencies rallied
on Tuesday against a dollar weakened by U.S. inflation data
signaling the U.S. Federal Reserve would stay easy, while
Russia's rouble jumped after reports of a call between
Washington and Moscow. 
    Brazil's real firmed 0.5%, while Mexico's peso
hit a two-month high. Higher copper prices bolstered top
producer Chile's peso, which was up 0.7% after two
straight days of losses.
    The rouble's recovery gained pace, up almost 2% in
late trade, after reports that U.S. President Joe Biden had a
phone conversation with Russian President Vladimir Putin, as the
market kept a close watch on geopolitical tensions between
Moscow and the West.
    The dollar fell after data showed U.S. consumer prices
increased by the most in more than 8-1/2 years in March and
underlying inflation picked up. 
    But market experts noted that the Fed's stance on inflation
had helped the market price in the data.

    "It wasn't a blowout number by any stretch, it is higher
than the expectation by a tenth of a percent, but (Fed Chair
Jerome) Powell did a very good job of jawboning," said Ken
Polcari, managing partner at Kace Capital Advisors in Jupiter,
    Meanwhile, JPMorgan recommended selling emerging market
currencies on Tuesday, citing rising coronavirus cases and
slower vaccination rollouts in developing economies as one of
the reasons.
    Brazil added an additional 1,480 people to its COVID-19
death toll on Monday, as a looming investigation of how the
government has handled the outbreak puts increased pressure on
right-wing President Jair Bolsonaro.
    In Peru, the sol currency fell about 0.3% a day after
a socialist surge in presidential elections roiled markets.

    Socialist Pedro Castillo and conservative Keiko Fujimori are
projected to go into a run-off vote. 
    A Reuters poll showed that Argentina's stubbornly high
inflation is expected to heat up again in March, advancing 4% in
the month, driven mainly by food and education costs. The
country is expected to see 46% inflation this year, a recent
central bank poll showed. 
    The Argentine peso held steady, helped by central
bank intervention. 
    Among stocks, Brazil's Bovespa erased losses to
trade higher led by consumer and healthcare stocks. Food
retailer GPA SA rose 4.3% after the announcement of a
potential IPO related to its e-commerce unit CNOVA.
    Colombian stocks extended losses to a fourth day, while
Chile's IPSA index posted its worst day in three
    Latin American stock indexes and currencies at 1900 GMT:
  Stock indexes           Latest   Daily %
 MSCI Emerging Markets    1324.61     0.17
 MSCI LatAm               2337.77    -0.27
 Brazil Bovespa         119226.70     0.35
 Mexico IPC              47441.37     0.19
 Chile IPSA               4894.10    -1.13
 Argentina MerVal        47759.60   -0.728
 Colombia COLCAP          1313.04    -0.36
      Currencies          Latest   Daily %
 Brazil real               5.6944     0.53
 Mexico peso              20.0890     0.19
 Chile peso                 707.9     0.71
 Colombia peso            3666.75    -0.09
 Peru sol                  3.6277    -0.30
 Argentina peso           92.6200    -0.04
 (Reporting by Susan Mathew in Bengaluru and Chuck Mikolajczak
in New York
Editing by Paul Simao and Grant McCool)