The dollar edged lower against the lira Tuesday after Turkey's central bank cut a key interest rate for the fifth straight month. The greenback was down 0.1% at 2.9790 lira, compared with 2.9813 lira late Monday in New York. Turkish stocks tumbled Tuesday, with the iShares MSCI Turkey ETF down 0.3% at $38.88. The central bank cut its overnight-lending rate to 8.75% from 9%, while keeping its benchmark one-week repo rate steady at 7.5% and its overnight borrowing rate at 7.25%. Some economists said they expected the central bank to wait before continuing to cut rates after the Turkish government fended off an attempted coup over the weekend.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.