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Turkish lira gains some 15% against the US dollar

Turkish lira gains some 15% against the US dollar

The Turkish lira has outperformed other emerging market currencies since last month, gaining some 15% against the U.S. dollar.

After reaching a low of 8.5832 on Nov. 6, the lira rallied nearly 1% against the dollar on Tuesday to its strongest level since Sept. 3, extending gains since the country’s central bank raised its key interest rate last week.

The lira stood at 7.38 against the U.S. currency at 10:10 a.m. GMT. Last Thursday, the Central Bank of the Republic of Turkey (CBRT) raised its one-week repo rate to 17% from 15%.

The South African rand trailed the Turkish lira, gaining 7.1% against the dollar, followed by the Russian ruble, Czech crown and Brazilian real with gains of 5%, 4.1%, and 4% respectively.

Analysts said the emphasis on fighting inflation and financial stability by Turkey’s new economic team has boosted interest in Turkish lira assets.