Turkish Lira Climbs To 11-day High Against U.S. Dollar
June 21 2016 - 3:07AM
RTTF2
The Turkish Lira drifted higher against the U.S. dollar in
European trading on Tuesday, as the latter weakened across the
board, while emerging market assets saw demand on bets that the
U.K. is likely to remain in the EU at the referendum on
Thursday.
In economic news, Turkey's central bank reduced its key lending
rate further, although it maintained the repo and borrowing
rates.
The Monetary Policy Committee of the Turkish central bank
trimmed the Marginal Funding Rate by 50 basis points to 9.00
percent from 9.50 percent. This was the fourth consecutive
reduction in rate.
The bank had reduced the funding rate by 25 basis points in
March and 50 basis points in April and May.
The Turkish Lira firmed to 2.8933 against the greenback, its
highest since June 10. On the upside, 2.7 is likely seen as the
next resistance level for the Lira. The pair finished yesterday's
trading at 2.9051.
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