The lira stood at 5.5330 at 0659 GMT, up from Tuesday's close of 5.5580. It had initially weakened early on Wednesday, before rebounding.

The central bank on Wednesday will announce its third inflation report of the year, and the first one since President Tayyip Erdogan sacked governor Murat Cetinkaya and replaced him with Murat Uysal, who was previously Cetinkaya's deputy.

The bank cut rates by a higher-than-expected 425 basis points last week and is also expected to release the minutes of that monetary policy committee meeting later on Wednesday.

The lira, which gained in the previous four trading sessions, has been supported by expectations that the U.S. Federal Reserve will cut rates.