Turkey's lira rebounds from record lows as greenback eases across the board

The Turkish Lira steadied after rebounding from a record low hit in the previous session as the greenback declined against a basket of currencies.

The dollar slumped after data released on Thursday showed U.S. weekly jobless claims totaled a seasonally adjusted 3.169 million for the week ended May 2, down from a revised 3.846 million in the prior week.

According to Reuters, the U.S. economy is expected to have lost about 22 million jobs last month, with an unemployment rate of 16 percent.

On Thursday, the pair rose to a new all-time low but retraced to close 1.2 percent lower at 7.0990

The Turkish currency has been depreciating on concerned about the decline in central bank’s gross reserves, which fell by $20 billion since the start of the year to around $86 billion through the end of April.

USD/TRY is trading 0.1 percent up at 7.1042, having hit a high of 7.2682 the day before.

Immediate resistance is located at 7.1843, any close above could take it above 7.2116.

On the downside, support is seen at 7.0379 (61.8% Fib) and break below could take it near 7.0163.