Russia’s rouble extended strong gains on Wednesday on hopes of improving ties between Moscow and the West, while other emerging market currencies rose as U.S. inflation data failed to stoke fears of imminent policy tightening. The rouble led gains across currencies in Europe, the Middle East and Africa, having surged 1.8% on Tuesday after a phone call between U.S. President Joe Biden and Russian President Vladimir Putin, which the Kremlin said was a proposal to normalise ties.
