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27 Dec 2021

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

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