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Turkish lira declines to historic low against U.S. dollar

Xinhua, November 18, 2016 Adjust font size:

The Turkish lira hit another record low against the U.S. dollar, having fallen more than 8 percent so far this week, Turkish Hurriyet Daily reported on Friday.

The greenback climbed up to 3.4078 against the lira, its historic high, before it eased to 3.3970 liras as of 12:00 midnight. The dollar stood at 3.3460 at the close on Nov. 17.

Turkey's Economic Coordination Committee will meet later on Friday, under Prime Minister Binali Yildirim, state-run Anadolu Agency reported.

Turkey's benchmark BIST 100 index, meanwhile, declined by 217.91 points to open at 74,918.31 on Friday. The index fell by 0.29 percent with the banking and holding sector indices losing 0.24 and 0.31 percent respectively.

On Thursday, U.S. Federal Reserve Chair Janet Yellen told the Joint Economic Committee of Congress that Donald Trump's victory in the U.S. presidential election has done nothing to change the Federal Reserve's plans for a rate increase "relatively soon."

The dollar's index against a basket of six major currencies rose above its "double top" touched in March and December of 2015. The index now stands at its highest level since April 2003.

"Double top" is a technical analysis term describing a currency (or other liquid asset) rising to a high, falling, and then rising again to the same level. Breaking the double top is often seen as a bullish sign by technical analysts. Endit