The Turkish Lira declined against the U.S. dollar in pre-European deals on Wednesday, as oil prices stayed below $30 per barrel amid worries over rising crude inventories, as well as fading hopes of a deal to curb one of the worst supply gluts in history.
Oil prices extended slide after industry data showed a 3.8 million inventory build and Moody’s Investors Service said the removal of oil-related sanctions will help Iran revive the country’s ageing oil infrastructure.
The Lira declined to a 2-day low of 2.9634 against the greenback, compared to Tuesday’s closing value of 2.9499. The Lira may find support around the 3.05 zone.
The material has been provided by InstaForex Company – www.instaforex.com