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Turkey's lira rises against US dollar

The lira has risen against the US dollar after Turkey's central bank hiked interest rates to 24% today- the biggest increase in President Tayyip Erdogan's 15-year rule.
 
The hefty 6.25 percentage point rise is the bank's latest attempt to stem the currency's collapse.
 
The lira is down 38 per cent against the US dollar this year despite Thursday's slim gain.
 
The move came despite Mr. Erdogan repeating his opposition to high interest rates earlier in the day.
 
He has repeatedly blamed the central bank for high inflation, which hit almost 18 per cent last month, its highest level since 2003.


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