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Turkish lira firms nearly 1 percent against US dollar: report

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Turkey’s lira firmed around 1 percent on Tuesday to below 7.0 against the US dollar, extending its gains after weakening to an all-time low last week, Reuters reported.

The lira stood at 6.9900 against the dollar at 1219 GMT, having firmed as far as 6.9725. It closed at 7.0750 on Monday.

The lira has lost some 15 percent of its value this year due to the impact of the coronavirus and concerns over Turkey’s depleted currency reserves and foreign financing needs. Last Thursday, it fell to 7.2690, its lowest level on record.

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