Turkish Lira Appreciates a 3rd Day as Europe Leadership Changes

The Turkish lira advanced for a third day along with most other emerging market currencies on optimism fueled by efforts in Greece and Italy to build new governments and curb public spending.

The lira appreciated 0.3 percent to 1.7711 per dollar at 9:44 a.m. in Istanbul, advancing for a third day.

Italian President Giorgio Napolitano offered Mario Monti, former European Union competition commissioner, the prime minister post yesterday after Silvio Berlusconi resigned. Greece’s finance minister said his priority is to ensure the country receives a sixth loan under an EU-led bailout after Prime Minister Lucas Papademos took charge as head of an interim government.

“The markets have perceived the change of leaders in Europe positively,” Emir Baruh, a currency trader at Akbank TAS, said in e-mailed comments.

To contact the reporter on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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