Lira Jumps Most in Eight Weeks as Bank Support Seen Continuing
By Benjamin Harvey - Mar 26, 2012 11:21 AM ET
The lira appreciated for a fourth day and jumped the most in almost eight weeks on bets the central bank would continue supporting the currency to rein in inflation.
The Turkish currency gained as much as 0.8 percent, the most since Feb. 1, and traded 0.7 percent higher at 1.7886 per dollar by 5:00 p.m. in Istanbul, its biggest rise since Feb. 28 on a closing basis. Yields (BENCH) on the two-year benchmark government debt rose the most since March 8, adding 13 basis points, or 0.13 percentage point, to 9.54 percent.
More:Lira Jumps Most in Eight Weeks as Bank Support Seen Continuing - Bloomberg