empty
 
 

2020.05.2113:31:00UTC+00Turkish Lira Off 2-day Low Against U.S. Dollar After Turkey Rate Cut

The Turkish Lira trimmed its early losses against the U.S. dollar in the European session on Thursday, after Turkey's central bank reduced its interest rates by 50 basis points as widely expected, as coronavirus pandemic dampened exports, domestic demand and tourism.

The Monetary Policy Committee of the Central Bank of the Republic of Turkey, led by Governor Murat Uysal, cut the policy rate, which is the one-week repo auction rate, to 8.25 percent from 8.75 percent.

The decision came in line with expectations.

The bank observed that despite the recent weakness in the Turkish lira due to global developments, international commodity prices, especially crude oil and metal prices, affect inflation outlook favorably.

The Turkish Lira recovered to 6.7808 against the greenback, from a 2-day low of 6.8109 hit at 6:00 am ET. If the Lira rises further, 5.9 is seen as its next resistance level.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback