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Turkish Lira Extends Loss as Banks Pull Back Before Rate Meeting
The Turkish lira extended losses against hard currencies as traders said state banks had withdrawn support ahead of the central bank’s interest rate-setting meeting on Thursday. The currency fell as much as 2.2% and was trading at 26.88 per dollar as of 10:30 a.m. in Istanbul. That took this year’s depreciation to more than 30%, the second-biggest loss after the Argentinian peso among emerging-market peers. Turkey’s Monetary Policy Committee is expected to raise its policy rate for a second consecutive month on Thursday, to 18.25% from 15%, according to the median estimate in a Bloomberg survey. Most economists ... (full story)