August 15, 2018 / 7:43 AM / a year ago

Turkish lira rallies to below six against dollar

A 100 Turkish lira banknote is seen on top of 50 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018. REUTERS/Murad Sezer/Illustration

ISTANBUL (Reuters) - The Turkish lira rallied 6 percent to below 6.0 against the dollar on Wednesday, boosted by a banking watchdog move on swap transactions and expectations of improved Turkey-EU ties after Turkey released two Greek soldiers detained since March.

The lira TRYTOM=D3 has lost nearly 40 percent this year and crashed to an all-time low of 7.24 to the dollar on Monday, hit by worries over Erdogan's calls for lower borrowing costs and by worsening ties with the United States, a major NATO ally.

At 0731 GMT, the lira stood at 6.0600 against the dollar.

Reporting by Ali Kucukgocmen and Sarah Dadouch; Editing by Daren Butler

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