The Turkish Lira appreciated against the U.S. dollar during the European session on Thursday, after Turkey's central bank resorted to a bigger-than-expected rate hike, citing upside risks to inflation expectations.

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 19.00 percent from 17.00 percent.

The tight monetary policy stance will be maintained decisively, taking into account the end-2021 forecast target, for an extended period until strong indicators point to a permanent fall in inflation and price stability, the MPC said.

The Turkish Lira rose to a fresh 2-week high of 7.3217 against the greenback from yesterday's closing value of 7.4936. The Lira is seen finding resistance around the 6.8 region.

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