Turkish lira reaches highest dollar rate since coup bid

ANKARA

The Turkish lira gained against the U.S. dollar, reaching 2.9445 on Friday, which is the highest rate since July 18.

The gain came after data from the U.S. showed the Fed would be in no hurry to raise rates. An ongoing normalization of relations between Moscow and Ankara also helped the Turkish currency in making a recovery against the greenback.

The local currency has increased its value by nearly 4 percent against the dollar since the July 15 defeated coup after Turkey put in place some measures to limit the damage to its economy such as supplying extra liquidity to the market.

Moreover, the U.S. retail sales were unexpectedly flat last month, down from a 0.8 percent increase in June, according to data from the Commerce Department on Friday, versus expectations of a 0.4 percent month on month gain.

The Producer Price Index in the world's largest economy also fell 0.4 percent in July, compared to the previous month, marking the fastest monthly decline since September 2015, according to Department of Labor earlier Friday. The market expectation for the data was an increase of 0.1 percent.