Lira Advances as Central Bank Seen Switching Focus to Currency
By Benjamin Harvey - Mar 28, 2012 12:12 PM ET
The lira strengthened to the highest level in almost three weeks after the central bank withheld funding at its benchmark rate for a fifth day.
The Turkish currency appreciated 0.2 percent to 1.7839 per dollar at 5:55 p.m. in Istanbul, its highest level since March 8. The lira has gained 1.4 percent since March 22, when the central bank first declined to offer daily funding at its benchmark one-week repo rate of 5.75 percent, the lower end of its so-called rates corridor.
More:Lira Advances as Central Bank Seen Switching Focus to Currency - Bloomberg