Dubai/Mexico City/Singapore — Investors are counting on central bank decisions in some of the hardest-hit emerging markets this week for an extended reprieve from the recent rout. After Turkey and Russia surprised traders last week with more hawkish than anticipated policy moves, there’s an outside chance the SA Reserve Bank (SARB) may follow in their footsteps by raising interest rates on Thursday after the rand slumped to a two-year low. Brazil’s policy makers decide rates Wednesday following a month in which the real was the worst-performing developing-nation currency after Argentina’s peso. "The pressure to hike will be particularly strong for Brazil and SA, both of which have seen their currencies plunge this year," said Per Hammarlund, chief emerging-market strategist at SEB in Stockholm. However, with inflation moderating in Brazil in August while accelerating in SA in July, the Brazilian central bank will probably stay on hold at 6.50% while SA’s is likely to hike the rate 2...

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