Thursday, August 10, 2006

The Turkish lira strengthened to a three-month high against the dollar on Wednesday as the central bank showed it has regained market confidence and the U.S. Fed halted its two-year interest-raising cycle. The Turkish lira continued to climb against the dollar and the euro yesterday, gaining 1.58 percent in value in the Istanbul free market while one dollar was traded at YTL 1.4457. The Turkish lira also gained value against the euro to stand at YTL 1.8706.



The Istanbul Stock Exchange (İMKB) National 100 Index rose 822.49 points in the second session to close at 37,563.33 points. The shares' average daily gain was 2.81 points, thus causing the İMKB main index to match its June 2006 value. Generally, Turkish markets met the Fed's decision to hold rates positively. The dollar saw some selling and the U.S. bourses closed lower yesterday, said a banker.

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