Turkish Lira Climbs To 5-day High Against U.S. Dollar
15 August 2018 - 6:04PM
RTTF2
The Turkish lira rallied against the U.S. dollar in the European
session on Wednesday, as Turkey imposed additional tariffs on US
imports to retaliate against the U.S. government's "deliberate
attacks" on the Turkish economy.
Turkey doubled tariffs on some U.S. imports including cars,
alcohol and tobacco and the country's banking regulator halved the
limit on lenders' swap transactions to prevent a sell-off in the
currency.
Turkish trade minister Ruhsar Pekcan said that the new tariffs
are aimed to "protect the rights of Turkish companies" and
retaliation against America's tariffs on steel and aluminium.
The Lira advanced to a 5-day high of 5.9114 versus the
greenback, up almost 16.5 percent from a record low of 7.0831
touched on Monday. At Tuesday's close, the pair was worth 6.3440.
The next upside target for the lira is seen around the 4.5
level.
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