Turkish lira weakens 2 percent, erasing gains made after last week’s rate hike

ISTANBUL (Reuters) – Turkey’s lira weakened more than 2 percent on Tuesday, slipping as far as 6.4501 against the U.S. dollar and erasing all the gains made after last week’s mammoth interest rate hike by the central bank.

The central bank last week lifted interest rates by a mammoth 6.25 percentage points, helping to boost the lira as far as 6.0100 against the dollar. By 1117 GMT on Tuesday it was at 6.4425 against the greenback, near the level it had been trading at before the rate hike.

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