ISTANBUL: The Turkish lira hovered just off record lows near two to the dollar yesterday while the 2-year benchmark bond yield inched above 10 percent in quiet trade, as heightened concern over the conflict in Syria weighed.
The lira was at 1.9975 against the dollar by 1000 GMT, up from 1.9940 late on Friday, while the two-year benchmark yield rose to 10.12 percent, nosing above 10 percent for the first time in 19 months.
“The Turkish lira is seemingly under added pressure due to heightened tension in Syria,” said a note from Ekspres Invest.
The central bank will hold a forex auction later in a bid to support the lira with a minimum volume of $350m, in line with additional monetary tightening steps announced last week.
Reuters
