Three-month implied vol for the lira dropped to as low as 17.30 having been at over 45 in August. For the rouble it slid to 11.2 from 16.5 in September, while the same gauge for the rand stood at 14.95 compared with almost 23 in September.

The mood towards emerging markets has improved since December as signals from the US Federal Reserve have eased investors' worries about a further run of interest rate hikes pushing up the dollar again sharply this year.