Against its US counterpart, the Turkish lira surged up in European and early New York trading on Friday. The lira climbed to a 2-week high of 1.5048 versus the greenback by about 6:25 am ET, compared to 1.5104 hit late New York Thursday. Thereafter, the pair reversed its direction and currently trading near 1.5071. The Turkish currency has been in an upward channel against its US counterpart since August 24, 2010.
Turkish consumer price inflation increased in August, the Turkish Statistical Institute said on Friday. A separate report showed the producer price inflation also surged in August.
The consumer price index, or CPI rose 8.33% year-on-year in August, faster than a 7.58% growth in the previous month. Economists were looking for an increase of 8.02%.
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