Turkish Lira Drops as Debt Yield Rises amid Fears

The Turkish lira fell today amid fear of the fiscal cliff in the United States. Such fears spooked investors away from riskier assets and drove higher yield on Turkish debt.
US Republican House rejected the plan to allow higher taxes, fueling concerns that there will be no agreement among US politicians. The yield on benchmark Turkish bond increased one basis point to 6.02 percent, posting the fourth day of increases. Yields on Turkish debt have climbed 28 basis points this week, demonstrating the biggest weekly increase since September.
USD/TRY rose from 1.7866 to 1.7944 as of 13:21 GMT today.

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