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.
