USD/TRY continues to rise as lira bears hold their ground
The lira weakened to a low of 4.77 against the dollar earlier today, with USD/TRY currently down by 0.9% trading at 4.74 levels. The dollar is back as we look to close out the week, and that's not helping to ease pressure off the lira at the moment.
The CBRT is meeting on 7 June but they'll be left with less ammunition to stem the bleeding in the lira. They hiked the main lending rate by 300 bps earlier this week, and that hasn't really helped as it seems that the market isn't buying that they will be able to deliver something as substantial in two weeks' time.
------
