Turkish lira surges 3% after Erdogan reportedly cancels S-400 purchase from Russia

The Turkish lira on Friday rose more than 3% after President Recep Tayyip Erdogan said the country would not buy the Russian-made S-400 missile defense systems, according to German newspaper Bild.

The U.S. had said it would hold delivery of its F-35 fighter jets and impose sanctions had President Erdogan gone ahead with the deal with Russia, lumping further pressure on the struggling economy.

The lira USDTRY, -3.3667% hit a session high at 5.9599 versus the greenback and in most recent trade a single dollar fetched 6.0072 lira.

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