top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

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

Clay pottery with table linens
bottom of page