The Turkish Lira turned negative again against the U.S. dollar in European deals on Wednesday, after Turkey’s central bank left its main interest rates unchanged for an eighth straight month, ahead of an election on November 1.
The Monetary Policy Committee of the Turkish central bank decided to keep the one-week repo rate at 7.5 percent. The overnight lending rate was left unchanged at 10.75 percent and the borrowing rate at 7.25 percent.
The decision was in line with economists’ expectations.
The Lira was trading at 2.9113 against the greenback, heading to violate its early 1-week low of 2.9134. If the Lira extends slide, it may challenge support around the 2.95 region.
The material has been provided by InstaForex Company – www.instaforex.com