EMERGING MARKETS-Turkish lira firms 1.5%; Russian c.bank decision awaited
* Russian cenbank seen hiking by 25 or 50 bps
June 11 (Reuters) - The Turkish lira jumped 1.5% on Friday ahead a meeting between Turkish President Tayyip Erdogan and his U.S. counterpart Joe Biden, and Russia's rouble hit a near 11-month high ahead of an expected rate hike by the central bank later in the day.
Their gains took an index of emerging market currencies to its highest on record. The index is dominated by Asian currencies such as China's yuan, which has risen sharply by around 12% against the dollar since May 2020 and hit its strongest levels in more than three years.
Stocks in the developing world were also on a stronger footing as investors bought into the U.S. Federal Reserve's view that a period of higher inflation was transitory. That dented the dollar and U.S. bond yields.
MSCI's EM stocks index rose 0.3%, bringing it to positive territory for the fourth straight week - its longest winning streak since January.
"We do not expect a more sustained disruption to equity markets. We agree with the Fed …
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