Turkish Lira firms to its strongest in two months against dollar

Turkish Lira firms to its strongest in two months against dollar

ISTANBUL
Turkish Lira firms to its strongest in two months against dollar

The Turkish Lira hit almost its strongest rate against the dollar in more than two months, reflecting growing optimism about an improvement in ties with the United States after the return of a U.S. pastor last week.

The lira firmed as far as 5.66 against the U.S. dollar on Oct. 17, its firmest since early August, the height of its sell-off this year. The euro/lira rate also showed a steep drop—touching 6.54 on Oct. 17, according to Reuters.

The lira has slowly strengthened since last week, when Turkey ruled to release a U.S. pastor who has been at the center of a row between Ankara and Washington and that has contributed to the currency crisis.

The lira/dollar exchange rate started the week off at 5.8420.

Turkish Lira, USD/TL, Turkish economy