Turkish Lira Advances With Stocks on Russia Ruble Intervention
By Selcuk Gokoluk January 30, 2014
Turkey’s currency and stocks erased losses, with the lira set for a 10-day high versus the dollar, as Finance Minister Mehmet Simsek ruled out capital controls and Russia’s central bank intervened to support the ruble.
The currency appreciated 0.7 percent to 2.2450 against the greenback at 6 p.m. in Istanbul, paring its loss this month to 4.3 percent. The central bank has in the past week held an unscheduled market intervention and raised rates in an attempt to shore up the exchange rate. The yield on two-year benchmark notes climbed seven basis points to 10.95 percent today, while the Borsa Istanbul 100 Index rose 1 percent following a 1.9 percent decrease earlier.
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