FxWirePro: Turkish Lira off 1-week peak as CBRT stands pat
The Turkish Lira declined, hovering away from a 1-week peak hit in the prior session following Turkey central bank interest rate decision. The Central Bank of the Republic of Turkey held its benchmark one-week repo at 8.…
The Turkish Lira declined, hovering away from a 1-week peak hit in the prior session following Turkey central bank interest rate decision.
The Central Bank of the Republic of Turkey held its benchmark one-week repo at 8.25 percent during its July meeting as widely expected.
The Turkish currency plunged to a record low earlier in the week as investors worry about the country’s dwindling foreign exchange reserves, growing foreign-denominated debt, central bank intervention and potential sanctions from the EU.
USD/TRY is trading 0.6 percent up at 7.3230, having hit an record high of 7.3980 on Tuesday.
On Wednesday, the pair slumped 2.20 percent to 7.2086 but trimmed losses to close 1.2 perent lower at 7.2790.
Immediate resistance is located at 7.3507, any close above could take it above 7.3800.
On the downside, support is seen at 7.2660 and break below could take it near 7.2340.
