AIRLINK 193.56 Decreased By ▼ -1.27 (-0.65%)
BOP 9.95 Increased By ▲ 0.14 (1.43%)
CNERGY 7.93 Increased By ▲ 0.57 (7.74%)
FCCL 40.65 Increased By ▲ 2.07 (5.37%)
FFL 16.86 Increased By ▲ 0.41 (2.49%)
FLYNG 27.75 Increased By ▲ 0.21 (0.76%)
HUBC 132.58 Increased By ▲ 0.83 (0.63%)
HUMNL 13.89 Increased By ▲ 0.03 (0.22%)
KEL 4.60 Decreased By ▼ -0.06 (-1.29%)
KOSM 6.62 Decreased By ▼ -0.04 (-0.6%)
MLCF 47.60 Increased By ▲ 2.21 (4.87%)
OGDC 213.91 Decreased By ▼ -0.08 (-0.04%)
PACE 6.93 Increased By ▲ 0.07 (1.02%)
PAEL 41.24 Increased By ▲ 1.18 (2.95%)
PIAHCLA 17.15 Increased By ▲ 0.36 (2.14%)
PIBTL 8.41 Increased By ▲ 0.09 (1.08%)
POWER 9.64 Increased By ▲ 0.21 (2.23%)
PPL 182.35 Increased By ▲ 0.16 (0.09%)
PRL 41.96 Increased By ▲ 0.13 (0.31%)
PTC 24.90 Increased By ▲ 0.34 (1.38%)
SEARL 106.84 Increased By ▲ 4.31 (4.2%)
SILK 0.99 Decreased By ▼ -0.01 (-1%)
SSGC 40.10 Increased By ▲ 0.66 (1.67%)
SYM 17.47 Increased By ▲ 0.14 (0.81%)
TELE 8.84 Increased By ▲ 0.08 (0.91%)
TPLP 12.75 No Change ▼ 0.00 (0%)
TRG 66.95 Increased By ▲ 1.55 (2.37%)
WAVESAPP 11.33 Increased By ▲ 0.22 (1.98%)
WTL 1.79 Increased By ▲ 0.09 (5.29%)
YOUW 4.07 Increased By ▲ 0.13 (3.3%)
BR100 12,045 Increased By 70.8 (0.59%)
BR30 36,580 Increased By 433.6 (1.2%)
KSE100 114,038 Increased By 594.4 (0.52%)
KSE30 35,794 Increased By 159 (0.45%)

ISTANBUL: The Turkish lira firmed 1pc on Tuesday after Defence Minister Hulusi Akar said the Russian S-400 missile system may not be delivered in June, leading to expectations that US-Turkey ties may improve.

The lira stood at 6.0050 against the dollar at 1351 GMT, having gained from Monday's close of 6.0650.

Earlier it firmed to as much as 5.9940, its strongest level in more than a week.

The currency has been battered this year by disagreement between Ankara and Washington over Turkey's purchase of the S-400s, which the US says could compromise its F-35 fighter jets.

Broadcaster Haberturk quoted Akar as saying in an interview on Monday that the delivery of the S-400 may not happen in June, when Turkey previously said the missiles were due to arrive.

However, he added the agreement was a done deal.

"They may not make it by June but they will come in the months ahead.

The process has begun," he was quoted as saying.

A forex trader, speaking on condition of anonymity, said the lira received a bid versus other emerging markets.

"An optimism arose regarding the relations between Turkey and the United States.

Of course, the view isn't that all the problems are left behind," the trader said.

Optimism also emerged earlier this month after reports that the United States had asked Turkey to delay delivery of the S-400s, even while a senior Turkish official said Ankara's position had not changed.

The main share index was up 2.32pc, while the banking index rose 2.37pc.

Copyright Reuters, 2019

Comments

Comments are closed.