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BRASILIA: Currencies and stocks in resources-rich Latin America traded in a tight range near the unchanged mark, in a muted end to a data-heavy week, while Peru’s sol slipped following an interest rate decision from the local central bank.

As of 1830 GMT, MSCI’s index for Latin American currencies climbed 0.2%, though was set for its first weekly loss in three.

The week was marked with policy decisions by central banks in the region. Brazil’s real dropped to 5.15 to the dollar and was set for its worst week in four after the central bank reduced its pace of interest rate cuts, against worries of upcoming dovish monetary policy influenced by politics.

Concerns of price pressures spiking were also at the fore, following data that showed consumer prices in South America’s biggest economy rose 0.38% in April, slightly above economists’ forecast of a 0.35% increase.

On the flip side, Mexico’s peso was on course for its best week in over a month, after Banxico took a cautious stance by leaving its benchmark interest rates steady at 11.00% on Thursday, given signs of inflation still above the regulator’s target.

Copper producer Peru’s sol weakened 0.7% after the Andean nation’s central bank cut its benchmark interest rate by an expected 25 bps to 5.75% after inflation slowed to the bank’s target range last month.

“(The) decision is consistent with a central bank that remains comfortable with the overall dynamics of the disinflation process,” Goldman Sachs analysts wrote.

“The materialization of these cuts will depend on the stability of the (sol), which remains a crucial input in the calibration of future policy moves.”

Meanwhile, a gauge Latin American stocks inched up 0.1%, with indexes in Mexico and Brazil down 0.2% each.

CSN dropped 1.5% after the Brazilian steelmaker and miner posted a first-quarter net loss, hit by lower iron ore and steel prices.

Suzano dropped over 1% after the Brazilian pulp and paper company, that is seeking to buy US-based International Paper, reported a 96% decline in its first-quarter net profit from a year earlier.

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