Bloomberg News

Lira Advances Third Day Before Holiday, Trimming Week’s Loss

November 07, 2011

Nov. 4 (Bloomberg) -- The lira gained for a third day, trimming this week’s decline, before a holiday next week and as Greece scrapped a referendum on a bailout plan, boosting investor appetite for riskier assets.

The lira appreciated 0.1 percent to 1.7516 per dollar at 9:39 a.m. in Istanbul, leaving the currency 0.4 percent lower this week. Turkey’s currency has lost 12 percent, the second- worst performance after South Africa’s rand.

Turkish markets will be closed for the first three days of next week. Emerging-market stocks rose the most in more than a week after Greek Prime Minister George Papandreou scrapped the referendum on a bailout to avert a split in his party before a confidence vote today.

The need for lira during the holiday and the absence of companies buying foreign currency may positively affect the Turkish currency, Fatih Keresteci, a strategist at HSBC Holdings Plc in Istanbul, said in a client note. The lira may rise to 1.7150 during the holiday, Keresteci said.

--Editors: Stephen Kirkland, Ana Monteiro

To contact the reporter on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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