Turkish lira gains value against US dollar

By Tuba Sahin and Jeyhun Aliyev

ANKARA (AA) – The Turkish lira gained ground against the U.S. dollar on Wednesday ahead of Thursday's monetary policy committee meeting of the Turkish Central Bank.

The dollar/lira exchange rate fell below 6.37 by around 12.00 local time (0900 GMT), down 0.55 percent. The rate hit the lowest level in two weeks.

On Wednesday, the U.S. dollar/Turkish lira exchange rate stood at 6.4440 as of 9.30 a.m. local time (0630GMT).

The bank is expected to raise interest rates this week. On Sept. 3, the bank announced that it will continue to use all available instruments in pursuit of the price stability objective.

Currently, the interest rates are below the annual inflation level in Turkey.

According to the country's statistical authority TurkStat, Turkey's annual inflation was 17.90 percent in August, up from July's figure of 15.85 percent.