London

RUSSIAN 10-year rouble bond yields surged above 11 per cent on Wednesday for the first time since 2009 and rouble volatility was at record highs even though apparent central bank action lifted the currency off all-time lows.

Other emerging markets were also pressured by a stronger dollar, with some currencies such as the Malaysian ringgit and the Indonesian rupiah at five-year lows. MSCI's emerging share index was down 0.3 per cent, though Chinese shares scaled new three-year highs. The Russian and Nigerian currencies opened more than 1.5 per cent lower. The rouble then jumped 2 per cent as traders said the central bank had stepped in, but rouble losses have mounted this week despite some oil price stabilisation.