Much of the currency’s performance in the next few days depends on the external environment, according to analysts. AFP / OZAN KOSE
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The relief brought by Turkey's decision to boost interest rates at Wednesday's emergency meeting didn't last long, as the lira resumed its nosedive against the dollar.The lira declined as much as 4.4 percent Thursday, the most in emerging markets, amid concern the unscheduled rate increase will provide only temporary support.It had reversed losses of as much as 5.2 percent Wednesday after the central bank raised its late liquidity window rate by 300 basis points.Erdogan, who's seeking re-election in a June 24 vote, didn't mention the lira or the rate increase in an opening campaign speech in Ankara Thursday.The yield on Turkish 10-year debt climbed six basis points to 14.77 percent, after falling as much as 23 basis points.
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