A rise in U.S. Treasury bonds also supported the market, while Venezuela's bonds received an extra boost from a $2.00 rise in U.S. oil prices.

The benchmark JP Morgan's EMBI+ index <11emj>, which measures emerging debt returns, edged 0.05 percent higher while Brazil's global bond due in 2040 , the most liquid of its asset class, gained 0.063 point to be bid 132.813.

"Both the local and the dollar markets were well bid today. There was some sell-off earlier but the buyers quickly came in on the dips," said Louis Cesario, head of fixed-income trading at Hamershlag Dodeles, a New York-based brokerage.

"I still believe we are heading higher in price, but some are still a bit shy here," he added.

Emerging market bonds have been trading with little price oscillation this week, as investors consolidate recent gains in the absence of any important U.S. economic data.

Spreads over U.S. Treasury bonds, a key measure of investors' aversion to risk, widened 1 basis point to 171 bps, still close to an all-time low of 165 bps, according to the EMBI+.

Venezuela's bonds gained 0.2 percent and the country's risk spreads tightened 1 basis point as U.S. crude prices jumped $2.00, increasing prospects of higher government revenues in the oil-exporting nation.

Ecuador's risk spreads tightened 19 basis points to 799 bps after widening 34 basis points during the past four sessions. The country's debt remains one of the most volatile in Latin America as investors await clarification about President Rafael Correa's plan to restructure the country's debt.

Investors are particularly interested on whether Ecuador will meet a $135 million coupon payment on its global bond maturing in 2030. The payment is due on Feb. 15 but Ecuador has a 30-day grace period to fulfill it.