The Turkish lira resumed its free fall today, weakening over 1 percent after slumping as much as 5 percent Thursday, amid concern the central bank’s unscheduled rate increase will provide only temporary support.
Investor anxiety is still rising, despite President Recep Tayyip Erdogan’s pledge of allegiance to global principles on monetary policy.
In the options market, bets on sustained price swings in the Turkish currency have surged, with one-week implied volatility in the lira against the dollar reaching the highest since 2008.
Source: Bloomberg Pro Terminal
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