ISTANBUL, Jan 13 (Reuters) – Turkey’s lira weakened nearly 3% on Thursday, giving up most of the gains from a rally a day earlier, as concerns persisted over surging inflation against a background of unorthodox policies aimed at boosting exports and growth. The lira stood at 13.5550 against the dollar at 0905 GMTon Thursday, down from a close of 13.2890 the previous day. Earlier it weakened as much as 13.68 after rallying some 4.7% to 13.15 late on Wednesday from a close of 13.8 on Tuesday. The unorthodox rate cuts led to the currency crisis late last year, driving inflation to a 19-year high of 36% in December, the highest under Erdogan’s rule. read moreJason Tuvey, senior emerging markets economist at Capital Economics, said data indicated that the economy held up well during the earlier parts of the currency crisis.

Source: Egypt Independent January 13, 2022 15:07 UTC