February 3, 2014 / 4:33 PM / 4 years ago

Lira edges up; stocks under pressure on weaker emerging markets

A money changer counts Turkish lira bills at a currency exchange office in central Istanbul January 29, 2014.Murad Sezer

ANKARA (Reuters) - The Turkish lira edged up on Monday, shrugging off a higher-than-expected inflation figure, as it recovered from record lows hit last week, while stocks came under pressure as emerging equities weakened.

The lira firmed to 2.2680 against the dollar by 1603 GMT from 2.2725 late on Friday. It had hit a record low of 2.39 last Monday before the central bank announced an emergency policy meeting at which it raised key rates sharply to defend the currency.

The yield on the 10-year benchmark bond rose to 10.24 from 10.34 percent late on Friday.

The main Istanbul stock index .XU100 closed down 0.3 percent at 61,675 points, taking its cue from a near 1 percent fall in the main global emerging market index .MSCIEF following weaker-than-expected U.S. factory data.

Turkish stocks hit their lowest in almost a year last week due to concerns over the economy as lira depreciation gained momentum before the central bank's dramatic rate hike.

Reporting by Humeyra Pamuk; Editing by Catherine Evans

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