Offset most of his losses. A significant increase in the value of the Turkish lira!

Quit press

The Turkish lira appreciated Tuesday against major foreign currencies to recover the bulk of its losses in recent days.

The reading fell sharply Friday and ended the week at 5.7625 against the dollar, the worst closing since October.

At around 12:17 GMT on Tuesday, the Turkish currency was at 5,5079 lira for one dollar, above the low Monday of 5.5520 lira.

The Turkish currency climbed early in the session to 5.4650 after falling initially to 5.5949 pounds sterling for a dollar.

The Turkish lira saw a volatile rise in trade on Tuesday, as a series of central bank adjustments helped offset most of the week's major losses, even as interest rate cuts had been reduced. in the next few months.

According to the Reuters news agency, a measure of the implied volatility of the lira has reached its highest weekly level since September when Turkey was at the heart of the currency crisis of last year, at the height of the loss of 30% of its value.

The central bank on Tuesday held two offers to support the lira to cope with a rising tide of loss of confidence and currency.

The reading fell sharply Friday and ended the week at 5.7625 against the dollar, the worst closing since October.

The sale took place just over a week before local elections in the country, where President Recep Tayyip Erdogan is campaigning for his AKP party.

Turkish President Recep Tayyip Erdogan has promised to protect the Turkish lira and punish those who target it speculatively. He stated that the Turkish Banking Regulatory and Supervisory Organization had begun to take action in this regard.

"We know who you all are, what you do on the eve of the elections and know that we will pay a heavy price after the elections," he said.

The Turkish regulator said that he had opened an investigation into complaints against the US investment bank JPMorgan and other banks for a "misleading" report that would have caused a fall in the reading of more 4% and a sharp drop in the main index of the Turkish stock market on Friday.

The agency said on Saturday that it had received complaints that the report released by JPMorgan on Friday would damage the reputation of Turkish banks and an unstable financial market, adding that "administrative and judicial measures" would be taken in this regard.