Stocks, FX plummet as dollar leaps on rate hike bets, growth fears

* EM stocks, FX hit lowest since 2020

* China export growth hits two-year low as virus curbs expand

* Putin leads celebrations of Soviet victory in WW2

By Anisha Sircar

May 9 (Reuters) - Emerging market stocks and currencies took a beating on Monday as the U.S. dollar scaled two-decade highs on concerns around aggressive monetary policy tightening and slowing global growth.

MSCI's index of emerging market (EM) currencies .MIEM00000CUS fell 0.5% to its lowest since November 2020, as its stocks counterpart .MSCIEF dropped 1% to a near two-year low.

The safe-haven greenback USD= hit its highest since late 2002 amid rising U.S. interest rates, the war in Ukraine, and tighter COVID-19 lockdowns in Beijing and Shanghai.

"The weakness we're seeing isn't because of EM, but more the risk aversion across markets, as EM currencies, stocks and bonds are repricing risks around a longer U.S. Federal Reserve tightening cycle or a longer period of inflation," said Cristian Maggio, head of emerging markets strategy at TD Securities.

Russian President Vladimir Putin led celebrations of the Soviet Union's victory over Nazi Germany on Monday and said troops and volunteers fighting in the eastern Ukrainian Donbass region were doing so for their motherland.

"The market was concerned there could be announcements from Putin, such as a formal declaration of war, but he made rhetorical comments painting Russia as a victim rather than the aggressor, which is consistent with the narrative coming from the Kremlin, so the speech delivered nothing surprising," Maggio added.

The Group of Seven (G7) nations on Sunday committed to ban or phase out imports of Russian oil, while the U.S. unveiled sanctions against Gazprombank executives and other businesses to punish Moscow for its war against Ukraine. Oil prices fluctuated on Monday.

Russia's rouble was trading at 67.37 RUB= against the dollar in offshore trading, not far from a more than two-year high of 65.3125 hit on Thursday.

EM spreads and yields rose, but were still a fair way down from the peaks hit just after Russia's invasion of Ukraine in late February.

Worsening risks of a deeper slowdown in the world's second-largest economy, China's export growth slowed to single digits, the weakest in almost two years, while imports barely changed in April as COVID-19 restrictions hit factory production and demand.

Chinese blue-chip shares .CSI300 finished the day 0.8% lower at 3,877.44 points. China's yuan CNY=CFXS dropped 0.9% to an 18-month low, while India's rupee INR=IN fell 0.7% to hit a record low.

For GRAPHIC on emerging market FX performance in 2022, see Link For GRAPHIC on MSCI emerging index performance in 2022, see Link

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

Emerging market stocks tumble Link

Reporting by Anisha Sircar in Bengaluru
Editing by Mark Potter

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