ISTANBUL: The Turkish lira strengthened to its firmest level in a month on Friday, boosted by fading concerns of an imminent interest rate cut as well as broader optimism over emerging market currencies.

The lira gained 0.6% to 8.5 against the dollar, continuing a recovery from a record low of 8.88 in early June. It has strengthened the last five straight days.

Turkish central bank's net FX reserves rise to $23.25bn

Turkey's central bank kept its policy rate unchanged at 19% on Wednesday and said inflation could be volatile through the summer, but it gave no clear indication that expected easing was imminent.