Turkish lira surges against US dollar

Dollar/lira exchange rate fell over 3 percent to trade at 6.0151

Turkish lira surges against US dollar

Turkish lira gained ground against the U.S. dollar on Thursday following Central Bank's move to raise interest rates.  

The dollar/lira exchange rate fell over 3 percent compared to the previous close, to trade at 6.0151 by around 2 p.m. local time (1100GMT).

On Wednesday, the USD/TRY exchange rate stood 6.3530 as of 5 p.m. local time (1400GMT).

Turkish Central Bank on Thursday hiked its one-week repo rate by 625 base points. 

In a statement, the bank's Monetary Policy Committee said the policy rate was increased to 24 percent, up from 17.75 percent.