The Turkish Lira declined against the U.S. dollar in European deals on Tuesday, after Turkey’s central bank held its key interest rates steady for the seventh consecutive month.
The Monetary Policy Committee of the Turkish central bank decided to retain the one-week repo rate at 7.5 percent.
The overnight lending rate was maintained at 10.75 percent and the borrowing rate was retained at 7.25 percent. The decision was in line with economists’ expectations.
The Turkish Lira declined to a weekly low of 3.0345 against the greenback, down by 1 percent from Monday’s closing value of 3.0046. The Lira is likely to find downside target around the 3.06 mark.
The material has been provided by InstaForex Company – www.instaforex.com