Markets

Turkish lira firms to 2.98 against dollar after Simsek named deputy PM

Published May 24, 2016 Updated May 24, 2016 09:06am

1 min

By Parvez Jabri

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ISTANBUL: The Turkish lira firmed against the dollar on Tuesday, after Mehmet Simsek retained his post as deputy prime minister in the new cabinet, reflecting investor relief that the respected politician would remain in government.

At 0843 GMT, the lira firmed to 2.98 against the dollar, from 3.0020 before the announcement, when it was near its weakest since Jan. 28.

The BIST 100 main share index rose 1.65 percent to 78,039.24, outperforming the MSCI index of emerging market stocks, which was down 0.45 percent. The benchmark 10-year government bond yield fell to 10.16 percent from 10.40 percent at Monday's close.

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