Lira extends week’s rally bolstered by Turkish state banks

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Reuters

By Nevzat Devranoglu and Ezgi Erkoyun ISTANBUL (Reuters) – Turkey’s lira rallied further on Thursday and was on track for its best week in two decades, boosted by a government plan to protect some deposits and the added support of state banks aggressively selling dollars. The lira rallied as much as 10% to 10.25 versus the dollar, its strongest level in a month, before paring most of those gains to trade at 11.395 at 1444 GMT. The currency has whipsawed back from a historic low of 18.4 on Monday when it was down some 60% on the year, capping a week of record volatility and intraday swings. Des…

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