* Argentina inks deals to rework debt with France, Spain & Sweden

* Argentina's election line-up twist boosts markets

* Ex-first lady, anti-graft candidate poised for Guatemala run-off

* Latam FX rises 0.4%, stocks inch 0.1% up

June 26 (Reuters) - Currencies and stocks of resource-heavy Latin America rose on Monday, tracking higher commodity prices and a subdued dollar, shrugging off geopolitical tensions in Russia that kept broader emerging markets on edge.

The MSCI's index of Latam currencies added 0.4%, while its stocks counterpart also gained around 0.1%.

A broader gauge of emerging market stocks hit its worst level in nearly three weeks earlier in the session.

A short-lived mutiny by Russia's Wagner Group mercenaries over the weekend has made Western allies assess how President Vladimir Putin might reassert his authority and what it could mean for the war in Ukraine.

The news sparked one of the most volatile sessions in Russian markets this year, sending the rouble to its weakest point since March 2022, to 85.10 against the dollar.

The Latin American currencies index has risen for five straight weeks against a weaker dollar. Higher commodity prices have also helped assets along with bets of interest rate cuts by major central banks in the region.

Brazil's real gained 0.5% against the dollar, while currencies of oil producers Mexico and Colombia added 0.4% each, supported by firm crude prices.

"Geopolitically, the events of the weekend lay bare the frictions within Putin's system and it shows that Putin does not always have all the factions in his country under control, but that does not mean it is important to financial markets," said Joachim Klement, investment strategist at Liberum.

Argentina's election line-up twist, which saw the ruling Peronist coalition torpedo a leftist candidate in favor of a centrist economy minister, lifted local markets.

Sovereign bonds rose on average some 4% on the news, while the stocks climbed 2.9%.

The government of Argentina also signed bilateral agreements to

refinance debt

with a trio of Paris Club members, as the cash-strapped government seeks to manage liabilities amid a severe economic slump.

Latin American investors were also hopeful that major central banks in the region, which have led some of the most aggressive tightening over the last two years, may now be poised to lead the world on interest rate cutting amid clear signs of slowing inflation in places like Chile and Brazil.

"Latam currencies enjoy of a relatively solid support from high interest rates," said Andres Abadia, chief Latam economist at Pantheon Macroeconomics.

"The elevated carry has been the main driver of the solid FX performance in recent quarters."

Traders in Brazil bet the central bank in the region will kick off a cycle of monetary easing in August, while Brazil Treasury secretary Rogerio Ceron said the sooner monetary easing begins, the sooner conditions will be "adequate" 2024.

Guatemalans voted for a new president on Sunday in an election headed for an August run-off, with early results putting the center-left in the lead.

Elsewhere, Pakistan's central bank raised its benchmark interest rate by 100 basis points to 22% at an emergency meeting, but dollar-denominated bonds jumped after the country's parliament approved a revised budget in an effort to clinch a deal with the International Monetary Fund (IMF).

Kenya's central bank increased its benchmark lending rate to 10.5%, citing sustained inflationary pressure, its monetary policy committee said.

(Reporting by Shreyashi Sanyal and Bansari Mayur Kamdar in Bengaluru; Editing by Lisa Shumaker and Nick Zieminski)