Lira

The US central bank has remained steadfast in its decision to keep raising rates until data shows a sustained pullback in consumer prices

The lira was also supported last week by a government move to cover FX losses on certain deposits

It was the bank's fifth intervention in recent weeks to attempt to prop up the lira

Turkey's central bank cut the benchmark interest rate by another 100 basis points despite soaring inflation, sending the weakening national currency lira to a new historic low against the US dollar.

The bank signalled it would pause the easing cycle to monitor its effects in the next three months

The currency slumped to an all-time low 14.0 this week after President Tayyip Erdogan defended the low-rate economic policy.

Two people familiar with internal discussions said some government officials are uncomfortable with Erdogan's rate-cutting strategy and told him this

The lira's rebound comes after an 11-day slide

The currency fell 15 per cent on Tuesday, plunging past 13 per dollar for the first time ever

He said, Turkey needed to rebuild both depleted foreign reserves and faith in the beleaguered currency

Turkish President Recep Tayyip Erdogan dismissed the head of the country's central bank following a period of high inflation and record lows for the lira

The lira's plunge and subsequent sell-off in Turkey is giving investors an unwelcome reminder of past crises in emerging markets, leaving traders speculating on how bad contagion can get