EMERGING MARKETS-Currencies slump despite rate hikes; eyes turn to Fed

By Walter Brandimarte and Sujata Rao RIO DE JANEIRO/LONDON, Jan 29 (Reuters) - Emerging market currencies slumped on Wednesday even after Turkey and South Africa aggressively raised interest rates to stop capital flight, as investors braced for the U.S. Federal Reserve to further scale back its bond-buying program. Stock and foreign exchange markets from Istanbul to Sao Paulo remained under stress, with the Turkish lira staging a short-lived rally that set the tone for other emerging mar