Lira Gains First Time in 3 Days After Bank Halts Cheaper Funding
By Selcuk Gokoluk - May 4, 2012 4:12 AM ET
The lira strengthened for the first time in three days and bond yields climbed after the Turkish central bank withheld funding at its lowest rate for the first time since April 17.
The currency appreciated 0.3 percent to 1.7586 per dollar at 10:15 a.m. in Istanbul, increasing the weekly gain to 0.1 percent. The yield on two-year benchmark debt erased earlier losses, rising 5 basis points, or 0.05 percentage point, to 9.38 percent. The bank today offered 3 billion liras in its one-week repo auction, with the borrowing cost to be decided at the sale.
More:Lira Gains First Time in 3 Days After Bank Halts Cheaper Funding - Bloomberg
