ISTANBUL Turkey's newly floated currency started trade on the interbank market at 970,000 against the dollar on Tuesday, a depreciation of just over 29 percent since a devastating financial crisis forced the float last week.

The lira soon firmed to 960,000 lira against the dollar in interbank deals, trimming losses of some 36 percent in the first two days of free trade after the float last week.

Those losses fell to about 27 percent of the pre-float level in trade on Monday, when the Central Bank leapt into interbank markets with aggressive lending in an attempt to lower rates and ease pressure on the currency.

It continued that lending on Tuesday, offering three-day euro and dollar lending to banks at 40 percent. (Reuter)