ANKARA
The Turkish lira/U.S. dollar rate rose to 2.3054 on Friday towards late afternoon after U.S. employment data was revealed to be better than expected
The U.S. dollar buying rate rose to 2.308 Turkish lira at 17:30 pm (15:30 GMT) on Friday and the selling rate was 2.302 lira, the highest level since January 25.
Such rates have not been seen since before the Central Bank of Turkey intervened in the exchange markets on January 29 and introduced sharp interest rate hikes to prevent a slide in the value of the Turkish lira.
The Turkey’s Central bank left interest rates on hold in its last monetary policy committee meeting due to the rising anticipation of earlier-than-expected U.S. interest rate hikes backed by better than expected economic performance from the U.S.
The last U.S. employment data boosted the signal that an earlier-than-expected U.S. interest rate hike is on the way.
U.S.' September employment data released today indicated that the American economy created 248,000 jobs last month, a figure well above the expected 215,000.
Additionally, concerns over a possible outlook downgrade from Fitch in its report due late Friday evening spurred demand for the U.S. dollar and suppressed the value of lira.
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