Turkish lira weakens

Turkey's lira weakened as much as 2.5 percent on Friday before trimming some of its losses in afternoon trade, with investors turning their attention to inflation data next week. At 1548 GMT, the lira was trading at 4.5920 per US dollar, down 1.59 percent from 4.52 at Thursday's close. It had been strengthened this week by the central bank's announcement on Monday that it would return to using the one-week repo rate as its benchmark interest rate, taking a long expected step to simplify policy and make it more predictable.
Resuming repo funding for the first time since January 2017, the central bank injected 29 billion lira at a one-week repo auction on Friday, with bids amounting to 56.77 billion lira.