* Romanian inflation in April at +5.90%, below expectations

* Hungary c.bank raises end-June rate outlook to 6.75% - 7%

* EM stocks up 0.3%, FX off 0.1%

May 14 (Reuters) - A gauge for emerging market stocks touched a more than two-year high on Tuesday, while most currencies traded in limbo ahead of U.S. inflation data which could dictate market perception of the Federal Reserve's interest rate outlook.

As of 0806 GMT, MSCI's index for emerging market stocks gained 0.3%, touching its highest level since April 2022, while a gauge for currencies dipped 0.1%.

The Romanian leu was last trading at 4.97 per euro after data showed consumer price inflation in the country dropped to 5.90% on the year in April, from 6.61% in the previous month, below expectations of 6.2%.

"On our side, the entire forecast error came from the large impact of lower energy price caps. Beyond that, however, there is not much to cheer about," said Valentin Tataru, chief economist Romania at ING.

"Stripping the energy effect, price developments do not offer decision makers many reasons to be complacent."

The data comes a day after Romania's central bank defied market expectations and kept its benchmark interest rate unchanged as it sees end-year inflation higher than previously forecast.

Hungary's central bank Deputy Governor Barnabas Virag said the bank raised its base rate outlook to between 6.75% and 7% by the end of June, trimming 25 basis points off its previous outlook for rate cuts amid high services price pressures. The forint was last down 0.1% against the euro.

The Czech crown held steady at 24.77 per euro, hovering near its highest level since February. The crown rallied in the last session when headline inflation jumped much more than expected in April, pointing to a slower pace of interest rate cuts.

South Africa's rand dipped 0.6% against a firmer U.S. dollar, while the local stock index shed 0.1%.

Anglo American Platinum's Johannesburg-listed shares dropped more than 6% after its parent company Anglo American said in a strategic review that it was exploring a demerger of its troubled platinum unit.

Most bourses in emerging Asia advanced, with stocks in India , Taiwan and South Korea up between 0.1% and 0.6%.

Focus would remain on U.S. consumer and producers prices data for the month of April due this week, which could offer clues into when the Fed could commence its policy easing cycle and thereby the trajectory of the greenback.

HIGHLIGHTS:

** Pakistan unveils broader privatisation plan for state-owned enterprises

** Hong Kong banks face credit risks from property downturn, Moody's says

** Sri Lanka cabinet approves new economic law to meet IMF targets

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(Reporting by Shashwat Chauhan in Bengaluru; Editing by Rashmi Aich)