By Shashwat Chauhan

Oct 22 (Reuters) -Most emerging market currencies traded in limbo on Tuesday as investors remained wary of risk in the lead-up to the U.S. presidential elections while government bonds around the world came under pressure.

MSCI's index for emerging market stocks .MSCIEF slipped 0.4% as of 0839 GMT, as bourses in heavyweight South Korea .KS11 and India .NSEI stayed under duress.

Most currencies were muted against the dollar, with the dollar index =USD hovering near its highest level since August 2. A broad gauge of EM currencies .MIEM00000CUS edged 0.1% lower.

Rising Treasury yields, which move inversely to prices, also gave support to the greenback as investors scaled backed their bets on rapid U.S. rate cuts.

Four Fed policymakers expressed support on Monday for further rate cuts, but appeared to differ on how fast or far they believe any cuts should go.

Yields on government bonds across emerging markets also rose, with South Africa's benchmark 2030 note ZAR2030= hitting an over two-month high, while the yield on China's 10-year note CN10YT=RR touched its highest level in a week.

Analysts have attributed the recent dollar strength to the better odds of Donald Trump reclaiming the White House, since his proposed tariff and tax policies are seen as inflationary, likely keeping U.S. interest rates high and undermining currencies of trading partners.

"From a market perspective, the Trump bump has meant that beneficiaries of the "Trump trade" have continued to do well in recent sessions," analysts at Deutsche Bank wrote in a morning note.

Most currencies in Central Eastern Europe (CEE) traded in a flat-to-low range against the euro, with Hungary's forint EURHUF= stabilising after falling 0.6% in the last session.

Hungary's central bank is widely expected to pause rate cuts at 6.5% later in the day, despite inflation hitting its 3% target for the first time since 2021, after recent falls in the forint raised fears of a rebound in price growth.

A summit of the BRICS group - Brazil, Russia, India, China and South Africa - which has expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates, will be held in Russia from Oct. 22-24.

Global finance chiefs will gather in Washington this week as part of the International Monetary Fund and World Bank annual meetings.

HIGHLIGHTS:

** China's Q3 economic losses from natural calamities surge

** Poland needs reforms to keep up economic success, IMF officials say

Reporting by Shashwat Chauhan in Bengaluru, editing by Ed Osmond

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For RUSSIAN market report, see RU/RUB