The Turkish lira Rising to the Highest Level Since September

The Turkish lira rose 0.8% to less than 7.5 Lira to the dollar on Monday, its highest level since mid-September, in a continuation of last week’s gains when the central bank raised key interest rates slightly more than expected.

The lira recorded 7.4950 in meagre transactions due to the year-end holidays.

On Thursday, the central bank raised its week-long repurchase rate to 17% from 15%. But even after its recent gains, the lira has remained 21% lower against the dollar since the start of this year.