Turkish Lira is at Its Highest Level Since September 3

The Turkish lira rose by nearly 1% against the dollar to its highest level since September 3, continuing the gains that followed the country’s central bank hike of the main interest rate last week.

The lira stood at 7.38 against the US Dollar in lackluster trading due to year-end holidays, but it was still 19% below its level at the end of last year.

On Thursday, the central bank raised the one-week repurchase rate (repo) to 17% from 15%.