The US dollar weakened against its Turkish counterpart during New York trading on Friday. At 1:20 pm ET, the greenback slipped to a new multi-month low of 1.5825 versus the lira, compared to yesterday's New York session close of 1.5930. As of now, the pair is worth 1.5838. The next downside target level for the US currency is seen at 1.57.
Turkey's statistical office TurkStat said today, the consumer price index or CPI rose 7.89% year-over-year in March, quicker than the 7.73% increase in the previous month. Economists had expected the CPI to climb 7.7%.
On a monthly basis, the CPI increased 1.10% in March, after falling 0.34% in February. Meanwhile, the consensus forecast was an increase of 0.9%
Separately; the statistical office said producer prices increased 3.46% year-on-year in March, sharply slower than the 6.43% increase in February. Month-on-month, producer prices rose 0.29% in March, compared with a 1.17% rise seen in the preceding month.
Economists were expecting an annual increase of 4.3% and a monthly growth of 1.2% for PPI.
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