Lira Pressured as Turkish Officials Seek to Ramp Up Defenses
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Turkish authorities are stepping in to stabilize markets after the detention of President Recep Tayyip Erdogan’s most powerful opponent sparked a sharp selloff and undermined confidence in the country’s policy path.
The lira weakened 0.7% against the dollar on Monday after last week’s 3.1% drop, while other assets fared better. Istanbul-listed stocks gained as much as 3.8% and the price of protection against non-payment on Turkish government bonds retreated from a 12-month high.