2009.01.1600:55:00UTC+00Turkish Lira Ticks Up Against US Dollar

The Turkish lira started ticking up against its US counterpart by about 12:35 am ET Friday. The Turkish currency thus rose from 1.6135 to a 2-day high of 1.6025 versus the dollar, compared to Thursday's closing value of 1.6126. The next upside target level for the lira is seen around the 1.579 level.

Yesterday, the Central Bank of the Republic of Turkey cut its borrowing rate to a record low of 13% from 15% to support the economy. The Monetary Policy Committee meeting presided by governor Durmus Yilmaz also decided to lower lending rate to 15.50% from 17.50%.

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