(Bloomberg) -- The Turkish lira rebounded more than 5% on Wednesday, breaking its longest losing streak in more than two decades.
The currency strengthened to as much as 12.0459 per dollar as of 2:49 p.m. in Istanbul. The lira had been battered as President Recep Tayyip Erdogan’s push for lower interest rates, intended to turbo-boost growth and create jobs, instead resulted in concern over price shocks and generated the wildest lira swings in three years.
©2021 Bloomberg L.P.
