The Turkish lira hit a one-month high against the U.S. dollar Tuesday, briefly dipping below 3.84.
The lira's strengthening in the market started after President Recep Tayyip Erdoğan reassured that Turkey was an open market economy and that the government was not planning any capital controls.
The Turkish currency further rose on expectations that the Central Bank of the Republic of Turkey (CBRT) will raise interest rates in December after the country's annual inflation hit 12.98 percent in November — the highest rate since December 2003. According to experts, the expectations eased pressure on TL assets in the market.
The last time lira reached the level of 3.84 was on Nov. 9.
The U.S. dollar hit an all-time high against the Turkish lira at 3.9780 on Nov. 21.
