Markets

Turkey's lira bounces back from brief weakening after rate decision

Published March 24, 2016 Updated March 24, 2016 01:07pm

1 min

By Shoaib Ur Rehman

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ANKARA: Turkey's lira briefly weakened slightly against the US dollar after the central bank cut its overnight lending rate by 25 basis points to 10.5 percent, but later reversed the trend.

The lira weakened to as low as 2.8945 in an initial reaction to the cut in the upper band of the rate corridor, from 2.8855 beforehand, but firmed later to 2.8800.

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