Skip to content
Subscriber Only

Turkish Lira Gains as Easing Fed Rate Bets Give Breather to Rout

Updated on

Turkey’s lira recovered from a record low after a selloff triggered by political turmoil and an emerging-market rout pushed the currency to the most oversold level in 19 months.

The lira rose 0.9 percent to 2.9005 per dollar by 7:02 p.m. in Istanbul after plunging in the early hours of Thursday past 3 per dollar for the first time. Its relative strength index fell to 17 yesterday, the lowest since the days before an emergency rate increase in January 2014. Readings under 30 signal to some traders that an asset has fallen too far. Acadian Asset Management Inc. said it was buying Turkish bonds.