Turkish lira drops more than 2% to new low after Erdogan rival detained
ISTANBUL - Turkey's lira fell more than 2% and touched a new all-time low of 37.5 to the dollar on Wednesday after authorities detained President Tayyip Erdogan's main political rival on charges including corruption and aiding a terrorist group.
The lira drop was the biggest daily move since April last year.
The currency traded at 37 to the dollar at 0724 GMT, weaker than its close of 36.67 on Tuesday but slightly firmer than the record low it hit earlier on Wednesday morning.
Borsa Istanbul said trading was halted temporarily after the main BIST 100 index fell 6.87% in early trading and the market-wide circuit breaker was triggered. Regular trading will be resumed at 0730 GMT, it added.
Also, the uptick rule on short sale transactions for the BIST 50 index will be used on Wednesday, Borsa Istanbul also said.
(Reporting by Ezgi Erkoyun and Canan Sevgili; Editing by Jonathan Spicer and Andrew Heavens)
Reuters
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