Turkish lira slides to 2-week low as oil prices rebound

Published 04.12.2018 00:00
Updated 04.12.2018 17:40
emReuters Photo/em
Reuters Photo

The Turkish lira slipped against the U.S. dollar Tuesday as global oil prices rose by more than 1 percent.

The lira weakened nearly 2.86 percent, sliding to 5.4027 liras per dollar after opening at 5.2523.

Oil prices extended gains Tuesday, adding another 2 percent to Monday's 4 percent surge, as investors bet a key Organization of the Petroleum Exporting Countries (OPEC) meeting on Thursday would deliver supply cuts.

Benchmark Brent crude oil jumped by $1.89 to a high of $63.58 before easing back to trade around $63 by 12:40 p.m. GMT. U.S. light crude was up $1 at $53.95 after earlier gaining more than 3 percent to reach an intraday high of $54.55.

Currencies of other net crude importers, including India and Indonesia, also weakened against the dollar.

At the end of November, the lira hit a 4-month high of 5.15 against the dollar as Turkey's benchmark stock index surged 1.12 percent to close at 95,125.57 points.

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