Updated at 0907 GMT

By Johann M Cherian

July 26 (Reuters) -Investors in emerging markets showed caution on Friday ahead of key inflation data out of the United States and interest rate decisions in Russia and Ghana, with an index tracking equities hitting a six-week low.

MSCI's index tracking emerging markets (EM) stocks .MSCIEF slipped 0.2% and was on track for a weekly decline of 1.6%, as a sustained rout in Asia-tech stocks, a surprise rate cut in China and tax hikes in India on equity and derivatives trading weighed on risk taking over the past five sessions.

A currencies gauge .MIEM00000CUS dipped 0.1% against the dollar, with the focus firmly on U.S. inflation data due later in the day that could determine the Federal Reserve's monetary policy easing outlook, and consequently the strength of the dollar and decisions of central banks in developing markets.

Still, Charlie Bird, an FX trader at Verto said: "One data print may not cause EM currencies to strengthen significantly in the long term."

"The goldilocks scenario for EM would be for U.S. (Personal Consumption Expenditure data) to drift lower than expectations through to the end of 2024, alongside other developed market inflation metrics."

Meanwhile, Turkish bonds TR2YT=RR, TR10YT=RR ticked up 9 and 6 basis points (bps) respectively after Deputy Governor Cevdet Akcay said the local central bank was not considering a rate-cutting cycle at this time. He told Reuters in an interview that easing too early could reignite inflation and extend the pain for an economy on the verge of disinflation.

In south Asia, Indian stocks .NSEI, .BSESN rose over 1% each, rebounding from a five-day loosing streak.

The yield on India's benchmark bonds IN10YT=RR dipped 2 bps. Traders expect the central bank's latest draft guidelines aimed at enhancing the liquidity resilience of lenders to boost demand for government bonds over the medium term.

Sri Lankan assets LKR= .CSE were broadly muted after the government said a presidential election would be held on Sept. 21.

In central Europe, Hungary's forint EURHUF= firmed 0.1% against the euro, but was on track for its first weekly decline in over six weeks, following an interest rate cut by the country's central bank earlier in the week.

Economy Minister Marton Nagy flagged stimulus measures in 2025, a pre-election year, even as Hungary struggles with the largest debt in the region.

Russia's rouble RUB= weakened 0.6% against the dollar ahead of a central bank interest rate decision, with expectations for a 200 bps hike to 18%.

Ukraine's hryvnia EURUAH= firmed 0.7% relative to the euro, a day after the country's central bank kept its key interest rate unchanged at 13%.

Ghana's cedi EURGHS= was flat ahead of an interest rate decision later in the day.

Reporting by Johann M Cherian in Bengaluru
Editing by Gareth Jones

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