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Forex News: Turkish Lira Advances To Weekly High Vs U.S.

Turkish Lira Advances To Weekly High Vs U.S. Dollar After Turkey Rate Decision

06/07/2018 - 08:50:00 (RTTNews)

(RTTNews) - The Turkish Lira climbed against the U.S. dollar in the European session on Thursday, as Turkey's central bank resorted to a sharp rate hike citing high inflation, after raising the rate by 300 basis points at an emergency meeting late last month.

The Monetary Policy Committee decided to increase the policy rate to 17.75 percent from 16.50 percent.

"Despite the mild outlook for demand conditions, elevated levels of inflation and inflation expectations continue to pose risks on the pricing behavior," the bank said in a statement. "Accordingly, the Committee decided to further strengthen the monetary tightening to support price stability."

The Lira that closed Wednesday's trading at 4.5540 per dollar spiked up to a weekly high of 4.4552. If the Lira climbs further, 4.3 is seen as its next upside target level.

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