Dollar again hits record high against Turkish lira
Unexpected rate cut from Russian Central Bank boosted US dollar to new high against Turkish lira.
ANKARA
For the second day in a row Friday, the U.S. dollar hit a record high against the Turkish lira.
The dollar reached 2.4318 to the Turkish Lira in early afternoon.
The dollar has been trending upwards in the past four days because of rising anticipation of interest rate cuts by the Turkish Central Bank, and the comments in the U.S. Federal Reserve minutes which noted the solid growth of the U.S. economy.
On Thursday, the dollar rose to 2.4178 liras in the early afternoon, surpassing the historic high of 2.4150, which it hit on Jan. 28, 2014.
As the Russian Central Bank unexpectedly cut its benchmark interest rates, the dollar once more moved up against most emerging market currencies.
In its latest monetary policy meeting on Jan.20, the Central Bank of Turkey cut key interest rates by 50 base points, from 8.25 percent to 7.75 percent. The governor has dropped hints about further cuts, and has called for an emergency meeting of the monetary policy committee on Tuesday.
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