Turkish lira rebounds after hitting record lows

25 Nov 2021

Turkish lira rebounds after hitting record lows

. Turkish lira banknotes are seen in this illustration taken in Istanbul, Turkey November 23, 2021. /Murad Sezer/IllustrationISTANBUL Turkey's lira continued its recovery on Thursday after a historic slide to record lows this week triggered by President Tayyip Erdogan's defence of interest rate cuts. The lira traded at 11.85 at 0400 GMT, firming some 1.9% from a close of 12.0820 on Wednesday. It hit its weakest level of 13.45 against the greenback on Tuesday. The currency hit all-time lows against the dollar in all 11 consecutive sessions before Wednesday and has lost as much as 45% of its value this year, with around half of those losses occurring since the start of last week.

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