Things were looking up for Turkey when investors went home on Friday afternoon.
Markets were rallying around the world on speculation global monetary policy was going to remain loose, there was a lull in the country’s fractiouspolitics and President Recep Tayyip Erdogan’sgovernment was moving to normalize relations with Russia and Israel.
Now, after an attempted military coup that erupted at about 10 p.m. that evening in Ankara and Istanbul, sending the lira into its sharpest nosedive in about eight years, those investors are waking to a very different world, steeling themselves for tumultuous trading as local markets open on Monday.
The currency rebounded 2.2 percent to 2.9510 per dollar at 8:47 a.m. in Istanbul Monday, after closing last week at .0157 per dollar, about 2 percent away from a record low in September.
Read more: Turkey Set for Market Turmoil as Coup Turns Investors ‘Ice-Cold’ - Bloomberg
Markets were rallying around the world on speculation global monetary policy was going to remain loose, there was a lull in the country’s fractiouspolitics and President Recep Tayyip Erdogan’sgovernment was moving to normalize relations with Russia and Israel.
Now, after an attempted military coup that erupted at about 10 p.m. that evening in Ankara and Istanbul, sending the lira into its sharpest nosedive in about eight years, those investors are waking to a very different world, steeling themselves for tumultuous trading as local markets open on Monday.
The currency rebounded 2.2 percent to 2.9510 per dollar at 8:47 a.m. in Istanbul Monday, after closing last week at .0157 per dollar, about 2 percent away from a record low in September.
Read more: Turkey Set for Market Turmoil as Coup Turns Investors ‘Ice-Cold’ - Bloomberg
