BLBG:Lira Rebounds From Record Low on Central Bank Dollar Sale Bets
The lira rebounded from a record low closing level yesterday on speculation that the central bank may sell the U.S. currency to stem the lira’s depreciation.
The lira traded 0.3 percent strengthened at 1.9001 per dollar at 9:11 a.m. in Istanbul.
“The central bank is expected to decide a large dollar sale figure in the auction” today, Fatih Keresteci, a strategist at HSBC Bank AS in Istanbul, said in a note to clients. “We see a direct intervention possible too.”
The lira reached a historic low at the end of trading yesterday, closing past the 1.9 threshold, after the central bank sold just $100 million out of an offer of as much as $150 million.
To contact the reporter on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
