Turkish lira rebounds as finance minister vows to defend currency
by Julia Kollewe from Economics | The Guardian on (#3WRYD)
Fears over emerging markets' currencies ease slightly amid financial crisis in Turkey
The Turkish lira recovered some of its losses on Tuesday, with the country's finance minister pledging to take steps to support the under-pressure currency.
There was some respite for the lira after days of heavy losses. The currency rose 5% to about 6.5 to the dollar on Tuesday afternoon, after slumping 20% in the past four working days. The country's central bank stepped in on Monday by pledging to provide liquidity to its banking sector.
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