0722 GMT [Dow Jones] The Turkish lira extends losses against the major currencies, in line with other emerging market currencies, as global risk appetite slid, says Garanti Securities. "On the flow side, real money accounts were the main TRY sellers, while the local FX demand was weak and volume was thin," says Garanti. It expects the CBRT to reduce the funding provided to the market accordingly, which is likely to result in a rise in overnight rates and support the TRY. "Yet, all in all, we expect the pressure over TRY to persist in the short-term," says Garanti. USD/TRY is now at 2.1127. (yeliz.candemir@wsj.com)
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(END) Dow Jones Newswires
May 21, 2014 03:22 ET (07:22 GMT)
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