Lira Falls as Bailout for Greece Postponed
The Turkish lira fell today as demand for riskier currencies with higher yield was deterred after the European Union held back the next portion of bailout for Greece.
EU leaders, who were frustrated by political infightings in Greece, postponed the planned €130 billion rescue for the indebted country until the proposed austerity measure would be implemented. The lira is still up 7.2 percent versus the dollar this year. The gains were caused by slowing growth of Turkish trade balance deficit and high interest rates.
USD/TRY rose from 1.7519 to 1.7610 as of 10:31 GMT today.
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