The Turkish Lira gained ground against the U.S. dollar in the European session on Wednesday, after Turkey’s central bank left its key interest rate unchanged for a sixth consecutive policy session.

The Monetary Policy Committee, led by Governor Murat Cetinkaya, kept the policy rate, which is the one-week repo auction rate, unchanged at 24 percent. The decision was in line with economists’ expectations.

“Factors affecting inflation will be closely monitored and, monetary stance will be determined to keep inflation in line with the targeted path,” the bank said.

“It should be emphasized that any new data or information may lead the Committee to revise its stance,” the TCMB added.

The Lira reached as high as 5.78 against the greenback, near where it ended deals on Tuesday. The next possible upside target for the Lira is seen around the 4.5 level.

The material has been provided by InstaForex Company – www.instaforex.com