FxWirePro: Turkey's lira near record lows as investors weigh epidemic fallout
The Turkish Lira slumped to a fresh all-time low as investors fret over depleted reserves The central bank's net FX reserves have fallen sharply to nearly $25 billion from $40 billion this year due to its funding of stat…
The Turkish Lira slumped to a fresh all-time low as investors fret over depleted reserves
The central bank's net FX reserves have fallen sharply to nearly $25 billion from $40 billion this year due to its funding of state bank interventions to stabilize the lira.
USD/TRY is trading 1.4 percent up at 7.1585, having hit a high of 7.1672 earlier.
Immediate resistance is located at 7.1805, any close above could take it above 7.1992.
On the downside, support is seen at 7.0438 and break below could take it near 7.0314 (50% Fib) / 7.0072 (7-EMA).
