The Turkish Lira is Down by More Than 1%, After Big Gains

The Turkish lira fell 1.3% against the dollar as local investors strengthened their positions in foreign currencies and gold, after a strong rise in the Turkish currency recently.

The lira fell to 7.76 from Friday’s close of 7.65.

The lira rose from a record low of 8.58 this month after President Erdogan pledged a more market-friendly approach to the economy following the appointment of a new central bank governor and finance minister, and following a 475 basis point increase in interest rates last Thursday.