Markets

Turkish lira firms 3pc against dollar on Fed decision

Published September 19, 2013 Updated September 19, 2013 05:17am

1 min

By Shoaib Ur Rehman

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ISTANBUL: The Turkish lira firmed as much as 3 percent against the dollar on Thursday after the US Federal Reserve surprised investors and said it would maintain economic-stimulus measures.

The lira fell to 1.9340 against the dollar and traded at 1.9485 at 0526 GMT from 2.002 late on Wednesday.

Emerging markets like Turkey had seen their currencies weaken sharply in recent months on concerns a tapering of the Fed's bond-buying programme would drive investors away from riskier assets.

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