The Turkish Lira dropped to worrying lows as global stock markets panicked over the coronavirus outbreak.
The dollar / TL started the day just under 6.20 on Monday. Turkish economic daily Dunya reported that global investors were worried about the exit from risky assets.
The Dollar/Turkish Lira remained at 6.1405 at 10:10 local time (07:10 GMT). The Turkish Lira showed the worst performance of 6.2640 against the dollar last Monday since September 2018 but strengthened to 6.0345 with the expectation that the Fed would lower interest rates.
Global share markets tumbled on Monday as alarmed investors fled headlong to bonds to protect their investments from the economic trauma, and the oil price dropped more than 30 percent after Saudi Arabia launched an oil price war following a Russia deal failure.
Sales pressure on Global markets negatively ed impacted Turkish markets, as the BIST 100 index in Borsa Istanbul dropped 2.79 percent on Monday to start the week at 106,539.89 points.
On Friday close, Borsa Istanbul’s BIST 100 index was down 1.98% at 109,600.53 points with a daily trading volume of 8.2 billion Turkish liras ($1.4 billion), AA reported.
Turkey’s lira rose 0.5 percent at 6.08 liras per dollar as of 2:23 pm local time in Istanbul on Friday following the ceasefire deal for Syrian’s Idlib between Turkish President Recep Tayyip Erdogan and his Russian counterpart Vladimir Putin.
Turkish markets were closely watching Erdogan’s meeting in Brussels with European Union representatives, Turkish minister of Finance and Treasury Berat Albayrak’s statements during the opening in Denizli and Usak cities.