Dollar rate: Pakistani rupee marginally gains after drop

Turkish Lira makes historic 40pc comeback against US dollar

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Istanbul: The Turkish lira made a comeback overnight because the country’s president revealed a new financial mechanism to support the currency.

On Tuesday morning, as of 9:30 local time (0630 GMT), the Lira exchange rate against the U.S. dollar fell to 11.2248, and the exchange rate against the U.S. dollar has risen by nearly 40% since Monday night.

Turkiye s President Recep Tayyip Erdogan on Monday said the new instrument would allow potential investors in foreign currencies to get the same results while sticking to the lira.

Erdogan said the series of steps will ease burdens from a currency crash over the last few weeks and encourage Turks to hold lira savings rather than dollars.

The fresh measures come in the wake of rising prices and exchange rates as the government pursues its “new economic model,” which emphasises opposition to high interest.

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