The Turkish lira edges up against the US dollar, trading at 1.8544, amid low risk appetite following the downgrades Friday by Standard & Poor's of nine euro-zone countries' credit ratings. "Bonds' and TRY's reaction to negative news flow was largely calm," says an analyst with Ekspres Invest. The yield on the benchmark December 2013 bonds is at 11.05%, compared with 11.08% Friday.
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