The Turkish lira pared the gains it posted in Asian trading against the dollar during early European deals on Monday following disappointing economic reports released from Turkey.
Turkey's unemployment rate increased to 10.3% in September from 9.3% last year, a report by the Turkish Statistical Institute or Turkstat said today. The jobless rate stood at 12.3% in the urban areas, up from 11.8% in the previous year, while the rural jobless rate increased to 7.1% from 5.6%.
Another report from Turkstat showed that the Turkish economy grew 0.5% year-on-year in the third quarter, slower than 2.3% expansion seen in the second quarter. A year ago, the economy had grown 4.1% in the third quarter.
The Turkey currency fell from 1.5486 to 1.5688 by about 4:25 am Eastern Time. The near term support level for the Turkey currency is seen at 1.615. The dollar-lira pair closed last week's trading at 1.5582.
For comments and feedback: editorial@rttnews.com