World Bulletin / News Desk
The Turkish lira hit a new low against the U.S. dollar on Wednesday morning following the central bank's liquidity boost a day earlier.
Turkey's currency fell to a historic low of 3.8950 to the dollar in early Wednesday trading after starting the day at around 3.8220.
The central bank on Tuesday had cut the foreign exchange reserve requirement ratios for lenders as part of efforts to increase cash circulation in the country's economy. The bank also said it was monitoring excessive volatility in the markets and would take necessary measures to counter unhealthy price developments.
Wednesday's drop in the lira to the dollar is the latest record low to beset the currency since the new lira was introduced in a 2005 revaluation. It comes amid anxiety over proposed constitutional changes and heightened terror threats.
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Data monitoring company IHS Markit also flagged a slight slowdown in France, where strikes were interrupting a resurgent boom on the back of government reforms.
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BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.
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BIST 100 decreases 0.12 percent; US dollar/Turkish lira exchange rate stands at 4.1020
Hong Kong and China ended down after fluctuating through the morning on data showing the world's number two economy expanded in January-March at the same rate as the previous three months.
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BIST 100 rises 0.69 percent; US dollar/Turkish lira exchange rate stands at 4.0830