According to the recent research, there are over 80% of people would be motivated to exercise if incentivized by crypto...


Recent Study Reveals That Crypto Motivates People to Exercise

On Friday, Prime Minister Ranil Wickremesinghe warned of a food shortage as the island nation battles a devastating economic...


Thousands queue for petrol, gas in Sri Lanka amid warnings of food shortages

ASML, a semiconductor industry and stock market giant, might have to think smaller. Or maybe bigger. Currently, it is building machines...


Computer chip giant ASML places big bets on a tiny future

Finance ministers and central bank governors of the United States, Japan, Canada, Britain, Germany, France and Italy - the G7, agreed on...


Money for Ukraine Priority in G7 Agenda; Inflation, Food a Concern

An auto safety agency in the U.S. said on Wednesday that it has opened an investigation into a fatal crash involving a Tesla...

Stock Markets

U.S. Agency opens investigation involving Tesla due to 14 Crash Deaths

Stock Market

27 Dec 2021

Turkish Lira Fell Almost 8% After Intervention-driven Surge

Turkish Lira Fell Almost 8% After Intervention-driven Surge

The Index Today

On Monday, the Turkish lira tumbled at almost 8% against the dollar amid investor concern over Turkey's monetary policy, increased more than 50% last week after billions of dollars of state-backed market interventions.

The lira was also supported last week by a government move to cover FX losses on certain deposits. It weakened to as low as 11.6 against the greenback on Monday before trimming losses to trade at 11.35 by 0800 GMT.

QNB Invest said in a daily bulletin, "The main exchange rate resistance is at 11.45 and 12.0, with support levels of 10.57 and 10.25."

Last week's rally brought the Turkish currency back to mid-November levels.

Last Monday, it had plunged to an all-time low of 18.4 per dollar, after a months-long slide due to fears of looming inflation driven by a succession of interest rate cuts engineered by President Tayyip Erdogan.

©Photo: Erhan Demirtas | NurPhoto via Getty Images