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Turkish lira edges back from record low triggered by sharp rate cut

Published: Updated:

The Turkish lira firmed to 9.5 against the dollar on Friday morning, rebounding from a record low a day earlier when the central bank slashed its policy rate by 200 basis points despite rising inflation.

Under pressure from President Tayyip Erdogan to ease policy, the bank lowered its repo rate to 16 percent, bringing the cuts in the last month to 300 basis points in moves which have driven a sustained decline in the value of the Turkish currency.

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The lira traded at 9.5000 against the U.S. currency at 0528 GMT, compared with a record closing low of 9.53 on Thursday. It has weakened some 22 percent this year.

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