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Forex News: Turkish Lira Declines To 4-day Vs U.S. Dollar

Turkish Lira Declines To 4-day Vs U.S. Dollar After Turkey Decision

01/24/2017 - 07:07:00 (RTTNews)

(RTTNews) - 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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