feb 1 reuters  emerging market currencies enjoyed cautious gains on tuesday taking support from a subdued dollar with focus on economic data and central bank decisions in europe later this week while the turkish lira weakened amid risks of further rate cuts mscis index of emerging market currencies miem00000cus nudged higher with the dollar index slipping 03 adding to a near 06 fall in the previous session developing stocks mscief rose 03 although with lower volumes as chinese markets were shut for lunar new year holidays a raft of data across the developing world pointed to slowing growth with purchasing managers index numbers from hungary turkey india poland and the czech republic all coming in below last months level though still in expansion territory data from south africa and russia showed an acceleration of growth read more turkeys lira was the outlier among developing currencies on the day weakening 05 the lira  which fell 44 last year and is down 04 since the start of the year  has been battered over rising inflation unorthodox monetary policies and anxiety around political intrusion in policy making key inflation data is due on thursday which is expected to show consumer prices surged in january to 20year highs turkish president tayyip erdogan last week replaced the countrys statistics institutes head and reiterated his stance in cutting policy rates further there had been at least some optimism among market participants that turkish rates will now stay on hold for an extended period until inflation had come down said tatha ghose an analyst at commerzbank the view of extended flat rate has already come under question and sooner or later small triggers will add up to start off a fresh round of lira depreciation ghose added south africas rand rose 06 holding gains from the previous session after the south african reserve banks forward guidance was seen as less hawkish than market expectations following a modest 25basispoint rate hike last week russias rouble firmed 03 while stocks imoex gained above 1 after data showed an expansion in russian manufacturing activity and as elevated oil prices supported sentiment read more emerging market investors would now look ahead to central bank decisions from the bank of england and the european central bank later this week to further judge the pace of policy tightening in the developed world tension surrounding the standoff between moscow and western capitals over ukraine also remain in focus with the united states and uk threatening to slap fresh sanctions on russia if it takes aggressive steps towards ukraine most emerging market currencies in central europe including the hungarian forint  czech crown and polish zloty were steady against the euro the czech national bank is meeting on thursday and is expected to hike interest rates by probably more than 50 basis points again as inflation is heading near or even reaching 10 in the coming months before it starts receding for graphic on emerging market fx performance in 2021 see httptmsnrtrs2egbfvh for graphic on msci emerging index performance in 2021 see httpstmsnrtrs2ousndx reporting by shashank nayar in bengaluru editing by shailesh kuber