May 24 (Reuters) - Brazil's benchmark index led losses on Tuesday as shares of state-run oil company Petrobras tumbled on the ouster of its chief executive over fuel pricing, while currencies declined amid broader selloff in global markets as risk sentiment soured.\nThe Bovespa index .BVSPfell 1.6%, dragged lower by a 4% drop in Petrobras PETR4.SA, after the government made clear its aim to change a fuel pricing policy after the ouster of the company's chief executive for the second time in two months.\nAdding to concerns, data showed consumer prices in Brazil rose more than expected in the month to mid-May marking the sharpest jump for the period in six years as the South American country grapples with galloping inflation.\nThe MSCI's index of Latam currencies .MILA00000CUS declined 0.7%, with the Brazilian real BRBY, BRL=reversing early gains to fall 0.6%.\n"We are reaching close to the limit of where we can see interest rates moving in the likes of Brazil, but, of course the higher inflation numbers today in Brazil do pose a risk that we'll see the Selic rise above previous expectations," said Christian Lawrence, senior market strategist at Rabobank.\nThe Mexican peso MXN= edged lower against the dollar after data showed consumer prices fell 0.06% during the first half of May.\nColombia's peso COP= inched up 0.2% as a recovery in crude prices supported the oil producing country's currency. O\/R\nMarkets focused on a speech by Federal Reserve Chair Jerome Powell scheduled later in the day, with investors looking for any fresh comments about the path of future interest rate hikes in the U.S.\nThe Chilean peso CLP= fell 0.5%, tracking lower copper prices on fears of slowing global economic growth. MET\/L\nThe Andean country is expected to hike its benchmark interest rate to 9% in June, a central bank poll of traders suggested, as it battles to rein in high inflation.\nArgentine peso bills, devalued by years of inflation now soaring near 60%, are starting to cause a literal strain on wallets - with the largest banknote in circulation worth under $5 in commonly used exchange markets. The peso ARS=RASL fell 0.1% against dollar.\nElsewhere, the Central Bank of Nigeria unexpectedly raised its benchmark interest rate to 13% from 11.5%.\nRussian rouble RUBUTSTN=MCX strengthened in onshore trading to levels not seen since March 2018 against the dollar, boosted by export-focused companies selling foreign currency to pay taxes. RU\/RUB\nKey Latin American stock indexes and currencies at 1507 GMT:\nStock indexes\nDaily % change\nMSCI Emerging Markets .MSCIEF\n1015.66\nMSCI LatAm .MILA00000PUS\n2364.48\nBrazil Bovespa .BVSP\nMexico IPC .MXX\nChile IPSA .SPIPSA\nArgentina MerVal .MERV\nCurrencies\nDaily % change\nMexico peso MXN=D2\nChile peso CLP=CL\nColombia peso COP=\nPeru sol PEN=PE\nArgentina peso (interbank) ARS=RASL\nArgentina peso (parallel) ARSB=\n(Reporting by Bansari Mayur Kamdar and Shreyashi Sanyal in Bengaluru)\nThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.