Turkish lira falls to 8.65 against the dollar ahead of interest rate decision By Reuters


© Reuters.

ISTANBUL (Reuters) – It fell more than 1.3 percent on Friday to 8.65 per dollar, its lowest since Aug. 11, as fears persisted of a possible interest rate cut next week and a rally supported by U.S. retail sales data.

The lira has lost about 2.5 percent of its value over the past two days, driven by expectations that US monetary stimulus will be reduced sooner than expected.

Dovish comments by the head of the Turkish Central Bank in recent weeks have raised the prospect of easing policy in Turkey sooner than expected.

However, most economists expect the bank to keep interest rates at 19 percent next week after inflation rose to 19.25 percent in August, the highest rate in more than two years.

(Prepared by Mahmoud Salama for the Arab Newsletter)

Explanation of the risks: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Please enter your comment!
Please enter your name here