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

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© 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)

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