By Shashwat Chauhan

Nov 22 (Reuters) -Most emerging market currencies and stocks were set to end the week largely unchangedon Friday, as escalating tensions between Russia and Ukraine led investors to refrain from risky bets.

MSCI's index for emerging market equities .MSCIEF edged up 0.2% as of 0900 GMT, with bourses in emerging Asia leading the way.

India's benchmark Nifty 50 .NSEI rose more than 2%, though most Adani stocks extended declinesa day after U.S. prosecutors indicted the conglomerate's founder Gautam Adani over alleged bribery and fraud.

The Indianrupee INR=IN alsocontinued to slide, hitting an all-time low of 84.5 per dollar earlier in the session.

Mainland China shares bucked the trend in emerging Asia, with the blue-chip CSI 300 .CSI300 dropping more than 3% followingsome disappointing earnings. .SS

In emerging Europe, Hungary's forint EURHUF= slipped 0.2% against the euro, on track to extend losses to a fourth straight session, while other currency pairs in the region were largely stable.

Stocks in the region stabilized after a sharp selloff earlier this week, with Poland .WIG20 among the worst hit due to its proximity to Ukraine and Russia. On the day, the benchmark was up 0.2%.

South Africa's rand ZAR=D3 appreciated 0.1% against the dollar, extending gains after its central bank opted for another small cut to its main lending rate on Thursday.

The local stock index .JTOPI rose 0.6%, as advancing gold prices boosted miners of the precious metal.GOL/

Most EM stocks and currencies, generally considered as risky, were set for a flat-to-lower week on the back of brimming tensions between Russia and Ukraine.

Escalating the 33-month-old war, Russia fired a hypersonic intermediate-range ballistic missile at the Ukrainian city of Dnipro on Thursday in response to the U.S. and UK allowing Kyiv to strike Russian territory with advanced Western weapons.

Kyiv initially suggested Russia fired an intercontinental ballistic missile, a weapon designed for long-distance nuclear strikes and never before used in war.

"Markets are clearly taking the escalation in the Russia-Ukraine war more seriously, which is favouring a broader rotation to haven assets like the dollar," analysts at ING said.

Earlier this week, Russian President Vladimir Putin had lowered the threshold for a nuclear strike in response to a broader range of conventional attacks.

Another source of pressure for EM currencies was the global strengthening of the dollar as markets assessed the U.S.Federal Reserve's monetary policy path. FRX/

Traders currently see a 55.9% chance the Fed will opt for a 25-basis-point cut in December, according toCME's FedWatch Tool, compared witha near 70% chance seen a month ago.

HIGHLIGHTS:

** Senegalese president's party secures large parliamentary majority

** Robust services drive India's business activity to 3-month high in Nov, cost pressures grow

Reporting by Shashwat Chauhan in Bengaluru; Editing by Devika Syamnath

For TOP NEWS across emerging markets nTOPEMRG
For CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB