By Ambar Warrick and Susan Mathew July 20 (Reuters) - Most Latin American currencies recouped some of the previous session"s severe losses on Tuesday, with Peru"s sol erasing session losses spurred by socialist candidate Pedro Castillo"s confirmation as president of the country. The sol rose 0.3% as copper prices steadied. Peru is the world"s second largest producer of the red metal, after Chile, where the peso snapped a three-session losing streak, rising from a near-seven-month low. The sol had fallen to 3.9633 to the dollar after Castillo"s confirmation, coming close to a record low of 3.9871 after dropping 1.4% on Monday, its worst day in more than a month. Castillo has pledged to redraft the constitution and hike taxes on mining firms, although he has taken a more moderate line in recent weeks and hinted at a more market-friendly approach. A rise in cases of the infectious Delta variant of the coronavirus sparked a sharp selloff across most risk-driven assets on Monday, on fears that a global economic recovery could be damaged. "Growth concerns have been building in recent weeks, and it was only a matter of time before the relentless march lower in global yields started to be seen as a reflection of these underlying anxieties," Ned Rumpeltin, European head of foreign exchange strategy at TD Securities, wrote in a note. The losses pulled Latam assets further off recent peaks, eroding gains made on hawkish central bank moves and improving economic indicators. Latam assets have outperformed their broader emerging market peers so far in 2021. Brazil"s real tacked on 0.6%, after three straight sessions of losses as the dollar moved slightly away from over three-month highs. As Brazil"s economy attempts to recover from the coronavirus pandemic, the government said it planned to introduce new welfare programs this year, after the current COVID-related program expires in October. Mexico"s peso underperformed, extending a near 1% loss from Monday as COVID cases continued to rise in the country, increasing the chances of a third wave. Joining a global stocks rally after a bruising start to the week, Latam stocks rose 0.4%, rising from two-month lows. Brazil"s Bovespa index rose 0.6% after losing 3% over the last three sessions, while Argentina"s Merval rose for the first time in five sessions. Colombian markets were closed for a holiday. Key Latin American stock indexes and currencies: Stock indexes Latest Daily % change MSCI Emerging Markets 1311.99 -0.4 MSCI LatAm 2507.40 0.38 Brazil Bovespa 125177.55 0.63 Mexico IPC 49379.58 0.58 Chile IPSA 4290.00 1.36 Argentina MerVal 63020.35 1.428 Currencies Latest Daily % change Brazil real 5.2176 0.57 Mexico peso 20.1118 -0.20 Chile peso 757.8 0.22 Peru sol 3.9432 -0.08 Argentina peso 96.3300 -0.02 (interbank) (Reporting by Ambar Warrick; Editing by Edmund Blair and Leslie Adler)