Turkish lira rebounds after hitting record lows

Istanbul, November 25 (BNA) The Turkish lira continued to recover today, Thursday, after a historic drop to record levels this week, due to President Recep Tayyip Erdogan’s defense of lowering interest rates.

The lira was trading at 11.85 at 0400 GMT, up about 1.9% from Wednesday’s close of 12.0820. Reuters reported that it reached its weakest level at 13.45 per dollar on Tuesday.

The currency hit all-time lows against the dollar in all 11 consecutive sessions prior to Wednesday and has lost as much as 45% of its value this year, with nearly half of those losses occurring since the start of last week.

MI