Heat oven to 325°F. Place paper baking cup in each of 18 regular-size muffin cups. In large bowl, beat granulated sugar and butter until light and fluffy. Beat in 1 egg at a time until well blended. Add lemon and orange extracts; beat well.
Gradually add flour, baking powder and cinnamon; mix well. Stir in currants. Pour batter into muffin cups, filling each 3/4 full.
Bake 25 to 30 minutes or until toothpick inserted in center comes out clean. Immediately remove from pan; cool 5 minutes. Sprinkle with powdered sugar.