Turkish lira firms before finance minister's presentation

Thu 16 Aug 2018 08:24 GMT | 12:24 Local Time

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The Turkish lira strengthened more than 3 percent on Thursday before a presentation by Finance Minister Berat Albayrak to investors, shrugging off U.S. comments ruling out the removal of steel tariffs on Turkey even if it frees a U.S. pastor.

The currency gained some support from the announcement late on Wednesday of a Qatari pledge to invest $15 billion in Turkey and Albayrak will be looking to reassure investors in his conference call at 1300 GMT, Reuters reports.

The lira TRYTOM=D3, still down 34 percent against the dollar this year, firmed to 5.7700 by 1100 GMT from a close of 5.95. Other Turkish markets were less buoyant: the main share index .XU100 dipped 1.4 percent and the 10-year benchmark bond yield rose to 21.37 percent from 21.02 percent.

JP Morgan said moves by Turkish authorities showed they were committed to stabilising the currency with technical measures such as restricting foreign exchange swaps and cancelling repo auctions to push up the average cost of bank funding.

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