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Turkish lira rebounds after hitting record lows -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This image shows Turkish Lira Banknotes. It was taken in Istanbul Turkey, November 23, 2021. REUTERS/Murad Sezer/Illustration

ISTANBUL (Reuters – The recovery of ISTANBUL continued on Thursday, following a historical slide to records this week triggered as President Tayyip Erdogan’s defense against interest rate cuts.

As of 0400 GMT GMT, the lira stood at 11.85. This is 1.9% more than Wednesday’s closing price of 12.0820. The greenback was at its lowest level on Tuesday, when it fell to 13.45.

In 11 sessions consecutively before Wednesday, the currency fell to all-time lows against USD and lost up to 45% this year. Around half of these losses occurred since last week.

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