By Ali Ünal
2013 was a tough year for emerging markets across the world as the US Federal Reserve's tapering concerns kept these currencies under pressure since last May. Last month, the FED began to gradually reduce its massive quantitative easing program and put an end to the uncertainty that plagued emerging markets over the past year. Beginning in January, the FED will purchase $75 billion in bonds each month, down from $85 billion since September 2012. Reflecting global uncertainty and ongoing tensions between the government and the judiciary, the Turkish Lira performed similarly to other emerging market currencies. Over the past year, the Lira lost 25 percent against the US Dollar while the South African Rand depreciated by 25.6 percent and the Indian Rupee devaluated by 14.7 percent.
Turkish Lira at 'Fair Value'
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