Turkish Lira Continues to Recover, Boosted by Qatar Investment

The Turkish lira continued to recover, rising for the third straight trading session against the US dollar and the euro today.
The currency got support from the news that Qatar will invest $15 billion in Turkey. While that will certainly be helpful, economists doubt that it will be enough to alleviate Turkey’s economic woes. The conflict with the United States and the inability of the government to tackle economic problems made market participants wary of Turkish assets.
USD/TRY dropped from 6.3537 to 6.0348 as of 18:45 GMT today. EUR/TRY fell from 7.2131 to 6.8492.

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