Lira firms against US dollar as Turkish economy beats growth forecasts

The Turkish lira recovered to 3.94 against the U.S. dollar on Thursday after having traded at a record low of 4.01, as the Turkish economy's 7.4 percent growth in 2017 has surpassed all forecasts previously announced by international finance corporations.

The Turkish lira has struggled in recent months on worrying inflation and current account figures. However, it firmed below 3.50 after the Turkish Statistical Institute (TurkStat) announced that the country's economy grew 7.4 percent in 2017, compared with the previous year.

After the announcement of the growth data, the Turkish lira started to spike against the U.S. dollar. The Turkish lira tumbled down against the U.S. dollar and depreciated by almost 6 percent since the beginning of March.
But after the release of the data, the lira appreciated by more than one percent and became the best performing currency. Around 9 p.m., the Turkish lira was traded at 3.94 from 4.01 around noon.