Turkish lira weakens after hitting strongest level in two months

ISTANBUL: The Turkish lira weakened against the US dollar on Thursday, after hitting its strongest level in more than two months, as investors look to next week's central ban rate-setting meeting.

The lira has gradually strengthened since Friday, when Turkey ruled to release a US pastor who has been at the centre of a row between Ankara and Washington, reflecting growing optimism about an improvement in ties with the United States.

At 0509 GMT, the Turkish lira stood at 5.59 against the US dollar, having firmed as much as 5.5267 overnight. It closed at 5.58 per dollar on Wednesday.

The central bank's monetary policy committee is due to meet on Oct. 25.