Turkish Lira Extends Gain to More Than 15% on Rescue Plan
- Erdogan announced extraordinary tools to support the currency
- Lira in massive rebound, wipes out some of 2021’s losses
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The Turkish lira extended gains to over 15% against the U.S. dollar, after President Recep Tayyip Erdogan announced extraordinary measures to bolster the currency late Monday.
The lira was trading 15.1% higher at 11.3165 per dollar as of 9:15 a.m. local time on Tuesday, after gaining as much as 16.4%. The currency swung from a record low of 18.3633 per dollar early on Monday, staging its biggest daily rally since at least 1983, according to data compiled by Bloomberg.