Turkish move sees emerging currencies rebound

Emerging-market currencies rose, led by the Turkish lira’s biggest jump since 2008, and Asian stocks rebounded after Turkey boosted interest rates to stem capital outflows.

29th January, 2014
The Turkish lira surged 3.9 per cent.

Emerging-market currencies rose, led by the Turkish lira’s biggest jump since 2008, and Asian stocks rebounded after Turkey boosted interest rates to stem capital outflows.

The lira surged 3.9 per cent to 2.1682 per dollar earlier. South Korea’s won jumped the most in four months, spurred by a record current-account surplus, while the yen weakened versus all 16 major peers.

Turkey’s decision was announced at midnight local time and followed an unexpected increase in India’s...

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