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EMERGING MARKETS-Latam currencies strengthen as Trump uncertainty lingers
(Updates table, first paragraph)

SAO PAULO, Jan 23 (Reuters) - Latin American currencies strengthened on Monday as the dollar fell to a seven-week low over investor concerns about protectionist pledges by U.S. President Donald Trump.

The Mexican peso led gains, strengthening as much as 1.5 percent to a two-week high before paring back advances to close at 21.36 per greenback.

The peso's gains came after Trump refrained from taking initial actions on Monday that would disrupt trade with Mexico, despite saying over the weekend that he planned to talk soon with the leaders of Canada and Mexico to begin discussing the North American Free Trade Agreement(NAFTA). The peso had also strengthened on Friday following an inauguration speech in which the new U.S. president did not specifically mention Mexico after he had threatened to ditch NAFTA during the campaign.

Wider emerging markets rallied earlier in the day, with MSCI's emerging markets index gaining nearly 1 percent.

Still, traders warned of volatility in the coming weeks as Trump's plans become clearer.

Mexico's stock index rose 1.69 percent to a new two-month high, with shares of telecommunications giant America Movil gaining nearly 3 percent.

Key Latin American stock indexes and currencies at 2100 GMT: Stock indexes daily % YTD %

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Latest MSCI Emerging 902.14 0.99 4.62 Markets MSCI LatAm 2518.09 2.58 7.58 <.MILA00000PUS > Brazil Bovespa 65748.63 1.9 9.17 Mexico IPC 47116.24 1.69 3.23 Chile IPSA 4258.88 0.01 2.59 Chile IGPA 21227.68 0.03 2.38 Argentina 19470.59 2.26 15.09 MerVal Colombia IGBC 10125.36 0.02 -0.03 Venezuela IBC 28272.44 1.12 -10.83 Currencies daily % YTD %

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Latest Brazil real 3.1678 0.40 2.57 Mexico peso 21.3625 1.01 -2.90 Chile peso 653.5 0.28 2.63 Colombia peso 2925.2 -0.18 2.61 Peru sol 3.283 0.30 3.99 (Reporting by Bruno Federowski and Miguel Angel Gutierrez; Editing by Bernadette Baum and James Dalgleish)

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