Turkish lira rebounds from record low despite policy worries

Published by
Reuters

By Daren Butler and Nevzat Devranoglu ISTANBUL (Reuters) -Turkey’s lira recovered as much as 7% on Wednesday from a historic slide to record lows a day earlier triggered by President Tayyip Erdogan’s defence of rate cuts, but volatility and steep price rises still worried consumers and investors. The currency hit new all-time lows against the dollar in 11 consecutive sessions before Wednesday, losing as much as 45% of its value this year, with around half of those losses occurring since the start of last week. However, the lira strengthened as far as 11.6 to the U.S. currency on Wednesday afte…

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