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Turkish court releases detained US pastor; lira dips

The detained American pastor at the center of a diplomatic row between Turkey and the U.S. has been freed by a Turkish court, the Daily Sabah reported.

U.S. President Donald Trump also announced in an Oct. 12 tweet that Andrew Brunson had been released.

Brunson was sentenced to three years, 1 month and 15 days in prison, but the court said he can walk free on time served. The cleric had been detained since October 2016 on terrorism-related charges.

The court also lifted judicial restrictions on Brunson, allowing him to return to the U.S. any time, the Daily Sabah said.

The decision could ease the strained ties between Ankara and Washington, which sanctioned two Turkish ministers in August over Brunson's detention.

Tensions escalated when the U.S. doubled its tariffs on Turkish steel and aluminum that month, prompting Turkey to slap new levies on certain American goods.

The rift likely was among the factors weighing on the lira, which is down more than 36% against the U.S. dollar so far this year.

As of 10:23 a.m. ET, the Turkish currency was down 0.21%.