Turkey Set to Sell More Dollars After Lira Weakened, HSBC Says
Turkey’s central bank will probably increase its activity in the currency market as global conditions have worsened and inflation is set to accelerate, according to HSBC Holdings Plc.
HSBC maintained its three-month lira forecast of 1.70-1.75 per dollar, said Murat Toprak, chief emerging market currency strategist for the region, said in e-mailed comments.
The central bank sold $30 million in the first three days of last week in daily auctions, $50 million on Nov. 17 and $70 million on Nov. 18.
“The external environment remains adverse and forthcoming inflation data are likely to be high,” Toprak said.
The lira fell 0.5 percent to 1.8389 per dollar at 10:21 a.m., the lowest level in a month.
To contact the reporter on this story: Selcuk Gokoluk in Istanbul at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com