As an economics researcher or a finance oriented professional, it is never enough to know only one language. Here is why :
1) Researchers or experts of different generation ( think about your colleague or the professor or the people working in the high level of position in financial institution) have different habit of using the language. If you would like to partner with them or learn from them, learn their communication language is the only way. For example, Attilio Meucci, an expert in asset allocation, only published his work on Matlab forum. And most of the professors will only use Stata.
2) R is not perfect even it is a hit among the data scientist or statistician for the reason that it's free. Yes, open source and being free is both its good and bad side, the bad point is you need to check very carefully the source code with respect to a complex algorithm, e.g Panel GMM in econometrics. However, the Stata is more user-friendly as it is maintained by a company and can efficiently fix the problem from users' feedback, most of which are professors. As far as I have known, economist such as Barro and Wooldrige all use Stata. I don't see the reason why you cannot learn both.
3) Expert of R could have a more efficient leaning curve than others who are not. I learn R first, and catched on learning Stata easily in the econometrics course when I was an undergraduate student. The programming essence is similar. Some might say that Stata is easier to learn than R.
So my advice is, go for languages you need. I see lately Professor Sargent starting to learn Python as an old man of around 70 years old. I think you can too being way younger as a graduate student. Good luck.