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The TRY gathered strength against the USD in the last hour on reports of Turkey opting out not to buy the S-400 air defence system from Russia, which has been a cause of escalating political tensions between the U.S. and Turkey.  

With the initial market reaction, the USD/TRY pair slumped to 5.96 to erase  all of this week’s losses. As of writing, the pair was trading near 6.02, still losing 2.7% on a daily basis.