Turkish Lira Pulls Back from Record Low After Central Bank Announcements

The Turkish lira recovered a bit today after touching a new record low overnight. The nation’s central bank attempted to support the currency, making couple announcements.
The Central Bank of the Republic of Turkey announced measures for liquidity management of the lira and FX deposits, promising that “the Central Bank will provide all the liquidity the banks need.” Separately, the central bank announced that it is cutting the foreign currency reserve requirements for Turkish banks. While the announcements supported the lira a bit, the Forex market remained in a risk-off mode.
USD/TRY surged 6.47% to 6.8483 as of 8:58 GMT today but retreated from the record high of 7.24 it reached intraday.

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