Turkish Lira Climbs To 11-day High Against US Dollar

 Turkish Lira Climbs To 11-day High Against US Dollar

The Turkish Lira drifted higher against the US dollar in European trading on Tuesday, as the latter weakened across the board, while emerging market assets saw demand on bets that the UK is likely to remain in the EU at the referendum on Thursday.

In economic news, Turkey's central bank reduced its key lending rate further, although it maintained the repo and borrowing rates.

The Monetary Policy Committee of the Turkish central bank trimmed the Marginal Funding Rate by 50 basis points to 9.00% from 9.50%. This was the fourth consecutive reduction in rate.

The bank had reduced the funding rate by 25 basis points in March and 50 basis points in April and May.

The Turkish Lira firmed to 2.8933 against the greenback, its highest since June 10 . On the upside, 2.7 is likely seen as the next resistance level for the Lira. The pair finished yesterday's trading at 2.9051.

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