A photo illustration taken in Istanbul shows a U.S. 100 dollar banknote against Turkish lira banknotes of various denominations January 7, 2014. (REUTERS/Murad Sezer)
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Turkey's lira slipped against the dollar Wednesday as the government bond yield curve, which had briefly inverted on speculation about an emergency rate hike to rescue the currency, returned to a positive slope.The lira slipped moderately to 2.1755 by 1306 GMT from 2.1605 late Tuesday, though it was firmer than Monday's record low of 2.1950 .The yield on Turkey's 10-year benchmark bond fell to 10.09 percent from 10.12 percent late Tuesday, while that on the two-year bond fell to 10 percent.Turkey's yield curve is still much flatter than normal levels of around 50-100 basis points, but has steepened from an intra-day level of minus 7 bps hit Tuesday.
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