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Turkish lira firms on hopes US tapering continues only steadily

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The Istanbul share index rose 1.25% to 62,553.32 points, outperforming the wider emerging markets index, which was up 0.39%.

A man counts Turkish liras at a stock-exchange office  (AFP/File, Mustafa Ozer)

A man counts Turkish liras at a stock-exchange office
(AFP/File, Mustafa Ozer)

Reuters – The Turkish lira firmed on Friday, ending a downward week higher on expectations that the United States would continue to unwind its stimulus programme at only a steady pace and not accelerate it.

The lira firmed to 2.2065 against the dollar by 1550 GMT from 2.2215 late on Thursday.

The Istanbul share index rose 1.25% to 62,553.32 points, outperforming the wider emerging markets index, which was up 0.39%.

The 10-year benchmark bond yield fell to 10.51% from 10.59% on Thursday.

The Federal Reserve’s tapering – or cutting back on stimulus – has hit emerging markets such as Turkey because of its impact on global money flows.


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