Lira rally on backdrop of easing US dollar

By Fatih Erkan Dogan

ANKARA (AA) - The U.S. dollar dipped below 3.60 Turkish liras as emerging market currencies rallied on Tuesday.

The rate dropped to 3.5930 liras -- the lowest level since Feb. 27.

The US dollar index, which tracks the currency’s value against a basket of major currencies, dropped to 99.76 points, hovering near a six-week low.

The declining dollar is largely attributed to growing anticipation that the U.S. Federal Reserve will gradually increase interest rates.