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Turkish lira weakens after c.bank trims rates
January 22, 2013 / 12:31 PM / 5 years ago

Turkish lira weakens after c.bank trims rates

ISTANBUL, Jan 22 (Reuters) - The Turkish lira weakened on Tuesday after the central bank cut its overnight borrowing and lending rates in a bid to prevent speculative capital inflows from boosting the lira too sharply.

By 1225 GMT, the Turkish currency was at 1.7670 against the dollar, compared with 1.7635 before the announcement.

The yield on the two-year benchmark bond stood at 5.85 percent, falling from 5.90 percent beforehand and 5.94 percent on Monday. The main Istanbul share index was up 0.51 percent at 85,712 points.

Writing by Daren Butler

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