Forex — Turkish Lira from the lows, Remains under pressure





© Reuters. Turkish lira from the lows, remains under pressure

Investing.com — The Turkish lira remained significantly lower versus the US dollar on Monday but was escalated from the weakest values of the session as a brewing diplomatic crisis between the United States and Turkey.

USD/TRY was to jump up 2.46% to 3.7042 05:22 PM ET (09:22 GMT), according to the as high as 3.7487 overnight, the most since mid-March.

The trading volume remained light on Monday, the markets in Japan closed for a holiday. US stock markets were, by their trade, even though the bond market was closed for the Columbus Day holiday.

The lira fell overnight, after the US and Turkey are exposed to each other’s visa Service between the two countries on Sunday.

The move effectively blocked the Turks when traveling in the USA, and Vice versa, for an indefinite period of time.

The suspension of visa services coming to the last week of the arrest of a US Embassy staff in Istanbul for alleged involvement in the July 2016 coup attempt against President Recep Tayyip Erdogan.

Washington dismissed the accusations as baseless.

The lira was also lower against the euro, with EUR/TRY last 4.3502, to 2.59% after rising to a record high of 4.4015 overnight.

Meanwhile, the main Turkish stock index, the BIST 100 was down 3.63%.



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