The Turkish lira is Recovering After Record Lows

The Turkish lira continued its recovery Thursday, November 25, after a historic plunge to record lows this week sparked by President Recep Tayyip Erdogan’s defense of interest rate cuts.

The lira was trading at 11.85 against the dollar, as it rose about 1.9% from about 12.0820 yesterday, Wednesday.

The lira hit its lowest level against the dollar on Tuesday at 13.45.

45% decline in the Turkish lira since the beginning of 2021

The Turkish currency recorded its lowest levels ever against the dollar in 11 consecutive sessions before Wednesday, bringing its losses since the beginning of the year to 45% of its value, and incurring about half of those losses since the beginning of last week.