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SAO PAULO, June 4 (Reuters) - Brazil's stocks and currency rallied on Thursday as rising oil prices and some improvement in U.S. data inspired investors to buy back into local markets after a bout of profit-taking in the previous session.

Brazil's Bovespa stock index .BVSP gained 2.64 percent to 53,463.90 after two days of losses. The index rallied more than 12 percent in May.

Gains mirrored those on Wall Street, with financial stocks boosted by a bullish research note and commodity stocks benefiting from higher oil and metal prices.

Data showed fewer U.S. workers filed new claims for jobless benefits last week and productivity rose faster than expected in the first quarter.

The real (BRBY: Quote, Profile, Research) firmed more than 1 percent to 1.943 per U.S. dollar after weakening for the first day in nine on Wednesday.

Hope that the world economy is past the worst of the recession has increased risk appetite and inspired investors to buy into emerging markets in recent weeks. Foreign investors have been pouring money into local financial markets, confident Latin America's largest economy will emerge rapidly from its worst slowdown in 17 years.

"Investment inflows seem unstoppable and will certainly continue driving a rally in both equities and the currency in the short run," said Paulo Fujisaki, an analyst with Sociedade Corretora Paulista.

On the stock market, oil giant Petrobras (PETR4.SA: Quote, Profile, Research) jumped 2.84 percent to 34.09 reais as oil prices rallied nearly 4 percent. Heavyweight mining company Vale (VALE5.SA: Quote, Profile, Research) also rallied 2.27 percent to 32.42 reais as copper prices gained more than 4 percent.