Turkish Lira Off 2-day Low Against U.S. Dollar After Turkey Rate Cut
May 21 2020 - 5:31AM
RTTF2
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.
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