By Ankita Yadav and Purvi Agarwal

July 30 (Reuters) - Most Latin American currencies slid on Wednesday, while stocks were mixed after U.S. economic data bolstered the dollar, and investors awaited the U.S. tariff deadline and monetary policy decisions.

The dollar index =USD gained 0.6%, hitting its highest level in two months, after data showed that the U.S. economy rebounded more than expected in the second quarter.

Emerging market currencies came under pressure, with the MSCI index tracking ones in Latin America .MILA00000CUS dipping 0.2%.

Investors will monitor the Federal Reserve's policy meeting later in the day for guidance on the future rate path, amid U.S. President Donald Trump's repeated calls for lower interest rates.

The bank is expected to reiterate its wait-and-watch stance, while keeping rates on hold.

Meanwhile, Brazil's real BRL= was down 0.6% ahead of a local rate decision when the Banco Central do Brasil is expected to hold its Selic rate at 15%.

"This is a central bank which has been very hawkish and quite credible in their battle against inflation... it has said it will maintain that level of overnight rates for the foreseeable future," said Arif Joshi, co-head of emerging market debt at Lazard Asset Management.

The mood soured after Trump announced a 25% tariff on Indian imports starting on August 1, after the countries could not reach an agreement, and also added an extra penalty without specifying details.

"We still need to find out what is the meat behind the trade deals... even with India, we don't know the details to be able to judge whether it is going to be structurally positive or negative for Indian markets," said Joshi.

India's rupee INR=IN closed 0.7% lower on the day, after touching a more than five-month low before the announcement. The currency is among the few to have weakened against the dollar this year, compared to other EM currencies that have capitalised on the dollar's decline this year.

The U.S.-listed India ETF INDA.N fell 1.2%, following the announcement.

Other developing economies such as Brazil, Mexico and South Africa are in limbo, without a trade agreement with the U.S..

Chile's peso CLP= fell 0.5%, a day after the central bank lowered its benchmark interest rate on Tuesday for the first time this year to 4.75%.

Mexico's peso MXN= weakened 0.4%. Data showed the economy grew 0.7% in the second quarter, beating expectations.

Equities in the region were flat to lower, with ones in Argentina .MERV down 0.8% and Colombia .COLCAP down 0.1%.

Those in Brazil .BVSP and Mexico .MXX were little changed. Chilean stocks .SPIPSA were outliers, up 0.3%.

MSCI's index tracking Latam stocks .MILA00000PUS was down 0.4%.

Highlights:

** Petrobras' oil output rises 7.6% in Q2 boosted by production vessels ramp-up

** Colombian government seeks beefed-up budget in 2026

** Trump's tariffs give chocolate makers in Canada, Mexico an edge over US firms

Key Latin American stock indexes and currencies:

(Reporting by Ankita Yadav in Bengaluru; editing by Barbara Lewis)

((Ankita.Yadav@thomsonreuters.com;))