Lira Weakens After Current-Account Gap Misses Estimates

The lira retreated for a second day, heading for its lowest level in almost seven weeks, after current-account deficit for January remained unchanged over a year ago, missing estimates.

The lira depreciated 0.6 percent to 1.7977 per dollar as of 5:01 p.m. in Istanbul, the weakest level since Jan. 25 on a closing basis, paring year-to-date gains to 5.2 percent. Yields on the two-year benchmark debt climbed 14 basis points, or 0.14 percentage point, to 9.32 percent, according to a Turk Ekonomi Bankasi AS index of the securities showed.