World’s cheapest currency has BlueBay, Goldman on its side | Business , Regional

currency has BlueBay, Goldman on its side

That’s because the advances have been limited and the lira remains the worst performer among major currencies over the last 12 months.

The lira gained 0.1 percent to 3.48 a dollar Friday, having risen 1.2 percent this year following a 17 percent slide in 2016 . Its real effective exchange rate, which dipped to more than two standard deviations below its 10-year rolling average in July, makes it the only cheap currency among regional peers, according to HSBC Holdings PLC.

Offshore funds bought a net $5.4 billion worth of local currency government bonds this year, the most for the period since 2013 .

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