Currencies
Hedge Funds Turn to Lira as Haven from Trump Currency Chaos
- Lira is only emerging-market currency to gain on Wednesday
- Foreign funds buy after state banks intervened to stem losses
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Turkey’s lira was the only emerging-market currency to gain against the dollar on Wednesday, as peers around the world tumbled on the prospect of a return to the White House for Donald Trump.
The currency rose as much as 0.3% against the dollar as of 9:55 a.m. in London, benefiting from strong support from state-run banks that also encouraged foreign funds to enter the market, according to traders familiar with the transactions, who asked not to be identified because they weren’t authorized to speak publicly.