* Rouble set for decline of over 30% on the week * Oil-rich Colombia's peso set for best week in 6 months (Updates prices) By Shreyashi Sanyal, Anisha Sircar and Bansari Mayur Kamdar March 4 (Reuters) - Emerging market currencies were near five-month lows on Friday, with Russia's rouble at a never been hit 120 a dollar in offshore trade, while developing world stocks hit a 16-month trough as war in Ukraine raged on. Russia's seizure of Europe's biggest nuclear power plant in Ukraine roiled global financial markets and sparked fears of a potential nuclear disaster. The MSCI's index for emerging market currencies eyed its worst weekly performance in almost two years, down months 1.5%. Its stocks counterpart dropped 2.5% on Friday and was on course for its third straight week in the red. Russia's rouble was set to wrap its worst weekly decline since 1998, down about 35%. In Moscow, the currency closed at 105 per dollar after hitting a record low of 118.35 on Thursday. "Russian assets are being destroyed in value," said Cristian Maggio, head of portfolio strategy at TD Securities. Given their proximity to the conflict, emerging European currencies were hammered, with Hungary's forint posting its worst weekly performance since 1994, down 5.4%. As Russia is one of the world's biggest exporters of key raw materials, the possible exclusion of supplies from the country as stinging Western sanctions take hold sent commodity market rallying this week. Crude oil hit its highest price in a decade and copper surged. Taking advantage were currencies in resource-rich Latin America. Even as most currencies in the region fell sharply on Friday, solid gains through the week put oil exporter Brazil's real and Colombia's peso on track to end the week higher, with the latter eying its best weekly gains in six months, up more than 2%. "The surge in prices of commodities exported by Russia and Ukraine is distorting the inflation outlook for (Latam)," said Joan Domene, senior economist at Oxford Economics in Mexico. "Market reactions across Latin America have been mixed again this week, as rising inflation expectations were offset by the likely benefits of higher-for-longer commodity prices." A Reuters poll showed that Latam currencies are set to remain steady in the near term as traders focus on comparatively moderate tightening from the U.S. Federal Reserve and an unusually quiet spell in Brazil's politics, rather than Russia's invasion of Ukraine. Data showed Brazil's economy returned to growth in the fourth quarter, exiting a mild recession at a stronger pace than expected as farm output surprised. In Argentina, sovereign bonds fell an average 1.5% on Friday despite the government striking a $45 billion staff-level agreement with the International Monetary Fund, a painful reminder that investors remain wary of the country's economic outlook. Key Latin American stock indexes and currencies at 1907 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1143.27 -2.5 MSCI LatAm 2421.52 -1.58 Brazil Bovespa 113961.10 -1.05 Mexico IPC 52988.52 -1.01 Chile IPSA 4641.75 1.53 Argentina MerVal 89371.74 -2.388 Colombia COLCAP 1533.94 -0.03 Currencies Latest Daily % change Brazil real 5.0835 -1.13 Mexico peso 20.8980 -1.27 Chile peso 809.7 -1.78 Colombia peso 3826.01 -1.84 Peru sol 3.755 -0.69 Argentina peso 108.1300 -0.08 (interbank) (Reporting by Shreyashi Sanyal, Anisha Sircar, Bansari Mayur Kamdar, Susan Mathew in Bengaluru; editing by Jonathan Oatis and Sandra Maler)
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