The Turkish Lira firmed against the U.S. dollar in the European session on Thursday, reversing its early losses, after Turkey's central bank hiked interest rates to curb inflation.

The Monetary Policy Committee, led by Governor Murat Cetinkaya, raised the one-week repo auction rate to 24 percent from 17.75 percent.

Economists had expected the rate to be raised to 20.75-22 percent.

The Lira spiked up to more than a 2-week high of 6.01 against the greenback, up from a 6-day low of 6.55 hit early in the session. On the upside, 3.9 is seen as the next resistance for the Lira.

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