Turkey’s lira firms, extends recovery

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Turkey’s lira firmed nearly 1 percent on Oct. 29, extending its recent rally after investor worries were partially eased.

The lira, which slumped in August and at one stage was down 47 percent since the start of the year, has recovered some of those steep losses.

The Central Bank’s 6.25 percentage point rate hike in September eased concerns over its independence and the release of U.S. pastor Andrew Brunson from house arrest in Turkey two weeks ago signaled an improvement in ties with Washington.

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