Turkish lira rallies, stocks battered in wake of coup

Turkey’s lira rallies on Monday after suffering one of its steepest-ever drops to a historic low in the aftermath of the weekend’s aborted military coup, but the stock market plunges over eight percent.

The lira was trading at 2.97 to the US dollar, a gain in value of 1.4% on the day, paring some of its earlier gains.

In the wake of the coup attempt late Friday, it had crashed 4.99% to trade at a historic low of 3.04 lira to the dollar.

The lira was trading at 3.29 to the euro, a gain in value of 1.1%. On Friday it had tumbled 4.8% in value against the euro to trade at 3.34 to the euro.

Currency markets appear to have been reassured by the failure of the coup and the reimposition of order under President Recep Tayyip Erdogan.

But the Istanbul stock exchange, which was not open when the coup took place, fell 8.5% to 75,733 points.


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