US dollar drops against Turkish lira

By Bekir Gurdamar

ANKARA (AA) - The U.S. dollar fell slightly against the Turkish lira on Thursday following the Turkish Central Bank’s announcement that it would not hold its usual weekly repo auction this week.

The dollar stood at 3.81 lira after the statement, down from 3.94 liras on Wednesday.

Analysts said the bank had succeeded in helping the lira by cutting the amount of lira circulating in Turkish markets. “The central bank’s move, which increases the cost of funding, is positive for the Turkish lira,” Enver Erkan, an economist at Kapital FX, said.