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Turkish Lira Swings After Its Biggest Rally in 38 Years

  • Support measures announced by President Erdogan boost currency
  • Worst may be over for now, Bank of Singapore’s Schubert says
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WATCH: Turkey’s lira posted its biggest gain in decades, rebounding from a record low in the same day.Source: Bloomberg
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Turkey’s lira swung wildly after rallying nearly 50% this week, as investors weighed the sustainability of government measures to shore up the currency.

The lira fell 7% after soaring as much as 20% against the U.S. dollar earlier on Tuesday. The whipsaw trading has made the currency the world’s most volatile, with a gauge of expected swings over the next year at a record high, showing traders are betting on more drama throughout 2022.