Turkish Lira Declines To 4-day Vs U.S. Dollar After Turkey Decision
January 24 2017 - 1:07AM
RTTF2
The Turkish Lira weakened against the U.S. dollar in the
European session on Tuesday, as the Turkey central bank
unexpectedly decided its keep its benchmark interest rate on
hold.
In a statement, the Turkish Central Bank retained its benchmark
one-week repo rate at 8 percent. Economists had forecast a 50
basis-point hike to 8.50 percent.
Meanwhile, the bank lifted its marginal funding rate to 9.25
percent from 8.5 percent. The decision was in line with
expectations.
The borrowing rate has been kept at 7.25 percent, in line with
forecasts.
The Turkish Lira declined to a 4-day low of 3.8285 against the
greenback, off its early 8-day high of 3.7360. The next possible
downside target for the Lira is seen around the 3.9 level.
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