* Rouble cuts losses after sanctions * Turkish c.bank holds rates, but doesn"t signal tight policy * Brazilian real rises; services activity surges in Feb * Brazil"s Cia Hering volts on rejecting Arezzo Industria offer (Adds Latam market moves, updates prices) By Susan Mathew April 15 (Reuters) - Russia"s rouble slumped on Thursday, after Washington announced new sanctions targeting the country"s sovereign debt, while most other emerging market currencies rose, with Mexico"s peso hitting a two-month high. Turkey"s lira gave up session gains to trade little changed after the new central bank governor held rates but shied away from reaffirming a pledge to tighten policy. The currency had briefly dipped into the red after the decision. The rouble weakened 2% to the dollar in anticipation of the sanctions, imposed over "malign actions" including alleged interference in 2020 U.S. elections, but cut some losses after the announcement and traded down 0.5% at 76.26 per greenback. Among other sanctions, the White House on Thursday banned U.S. financial institutions from participating in the primary market of Russia"s government debt from June 14. Russia"s foreign ministry said it would respond in the near future, marking a further deterioration in ties between Russia and the West. Analysts note that the move was not as severe as anticipated, and raises the probability of a 50 basis points interest rate hike next week. "The sanctions are calibrated to be serious but not too serious. It"s serious because it"s not just another round of political sanctions targeting a few officials or blacklisting companies no one has ever heard of," said Christopher Granville, managing director, EMEA and global political research at TS Lombard. "But if you just sanction primary issuance, international investors will continue buying in secondary markets." Meanwhile, an index of emerging market currencies strengthened 0.2% to hit three-week highs against a weaker dollar. Chile"s peso jumped 1.3% as copper scaled six-week highs, while Mexico"s peso rose 0.7%. Brazil"s real rose 0.7% with data showing the country"s February services activity posted its third-biggest surge in a decade. But as Brazil"s teeters on the brink of recession and inflation surges above the official year-end target, outlook for the economy looks bleak, complicated further by the unabated spread in COVID-19 cases. Among stocks, a 28% surge in Cia Hering lifted Brazil"s Bovespa index to three-week highs, after the apparel retailer rejected an unsolicited tie-up offer from competitor Arezzo Industria e Comercio. Main stock benchmarks in Chile and Colombia fell, while most other Latam bourses rose . Key Latin American stock indexes and currencies at 1430 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1341.41 0.36 MSCI LatAm 2389.11 0.79 Brazil Bovespa 120996.60 0.58 Mexico IPC 48445.37 0.24 Chile IPSA 4908.39 -0.38 Argentina MerVal 47335.64 0.077 Colombia COLCAP 1319.86 -0.08 Currencies Latest Daily % change Brazil real 5.6323 0.65 Mexico peso 19.9461 0.58 Chile peso 701.9 1.00 Colombia peso 3622.78 0.90 Peru sol 3.6228 0.22 Argentina peso 92.7200 -0.04 (interbank) For TOP NEWS across emerging markets For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see (Reporting by Ambar Warrick in Bengaluru; Additional reporting by Tom Arnold in London; Editing by Marguerita Choy and Catherine Evans)