June 6, 2019 / 1:48 PM / 4 months ago

Turkey's lira "fundamentally undervalued" -S&P

LONDON, June 6 (Reuters) - Turkey’s lira is fundamentally undervalued and will continue to support the country’s export sector, ratings agency S&P Global Ratings said on Thursday.

Speaking about possible drivers of economic growth, S&P Senior Director Frank Gill said: “Exports have performed really well, and continue to do so, including services exports and that is one bright spot in the Turkish economy ... because the currency does look fundamentally undervalued.”

Turkey’s lira has weakened nearly 9% against the dollar since the start of the year after a 28% drop in 2018. (Reporting by Karin Strohecker; Editing by Tom Arnold)

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