UPDATE – Turkish lira gains value against US dollar

UPDATE AS OF AROUND 14.30; CHANGE DECK

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 6.3512 by around 14.30 local time (1130 GMT), down 1 percent. The rate hit the lowest level in two weeks.

Earlier 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.

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