The Turkish lira was down today after four sessions of gains as investors preferred a cautious approach during the discussions about a Greek debt haircut, avoiding riskier assets.
Today, leaders of the European Union gather at the first summit this year. Economists believe that an agreement about Greece’s debt writeoff would be achieved, but traders weren’t willing to take chances and preferred to stay away from risky currencies. The lira lost 18 percent last year as Turkey’s current account deficit swelled to 10 percent of nation’s gross domestic product.
USD/TRY went up from 1.7781 to 1.7922 as of 11:08 GMT today.
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