Market News

Turkish lira weakens ahead of cenbank inflation report - REUTERS

JANUARY 27, 2022

ISTANBUL, Jan 27 (Reuters) - Turkey's lira traded weaker against the dollar on Thursday after the U.S. Federal Reserve signalled tighter policy and ahead of the central bank's quarterly inflation report, in which the bank is expected to raise its forecasts.

The lira stood at 13.62 against the U.S. currency at 0554 GMT, weakening from a close of 13.5690 on Wednesday.

In its last report in October, the central bank forecast annual inflation would ease to 11.8% by end-2022. The annual inflation rate stood at 36.08% in December.

The Federal Reserve's chairman signalled plans to steadily tighten policy and the dollar rose on the back of higher yields, lifting the U.S. dollar index to near five-week highs. read more

Reporting by Ezgi Erkoyun; Editing by Kim Coghill


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