During early deals on Tuesday, the Turkish lira strengthened against the dollar despite a disappointing report from Turkey.
Turkey's Gross Domestic Product or GDP at constant prices fell 6.2% year-on-year in the fourth quarter, reversing from a revised 1.2% rise in the third quarter. Economists expected GDP to fall 5.4% in the fourth quarter. At current prices, the GDP growth decreased to 5.7% in the fourth quarter from 13.2% in the third quarter.
At about 4:35 am ET, the Turkish lira reached a high of 1.6743 against the dollar, compared to 1.6862 hit late New York Monday. If the Turkey currency climbs further, it may test near term resistance around the 1.651 level.
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