The Turkish Lira moved up against the U.S. dollar in the European session on Thursday, after Turkey's central bank raised its key rate sharply for the second straight meeting to lower inflation.

The Monetary Policy Committee of the Central Bank of the Republic of Turkey governed by Naci Agbal decided to lift the key one-week repo rate sharply to 17.00 percent from 15.00 percent.

The bank had raised the rate by 475 basis points at the first MPC meeting of Agbal as governor in November.

The Lira reached as high as 7.52 against the greenback, its biggest level since November 20. The pair had ended Wednesday's deals at 7.63. The next possible resistance for the Lira is seen around the 7.0 level.

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