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Lira on the Mend as Turkish Economy Reboots After Currency Shock

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Turkey’s economy showed signs of adjusting after months of overheating, sending the lira to its strongest level since mid-August.

A gauge of manufacturing in September contracted the most since the global financial crisis a decade ago, while Turkish exporters shipped more goods than ever for the month. The lira bucked a drop in most emerging-market currencies, gaining to near a key psychological level against the dollar, as optimism spread over the potential for Turkey’s detente with its western allies.