- The Turkish lira surpassed two-week highs as the central bank held its benchmark one-week repurchase rate the same at 8,25%. This saw it strengthen 0.5% against the dollar to 2.155 per dollar at the close of trading. Policy makers at the central bank, led by Governor Erdem Basci cited geopolitical factors as instrumental in the inflation outlook.
- Indian rupee strengthened for a fifth successive day as there were indications that tensions in Ukraine and the Middle East were easing. This has had a positive impact across emerging markets and increased confidence in emerging market assets. Sajal Gupta, head of foreign exchange at Mumbai-based Edelweiss Securities Ltd, suggested rupee stability was also due to the news that India may be getting re-rated, after government efforts to cut India’s budget deficit have had positive impacts on its credit ranking.
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