AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,984 Increased By 100.7 (1.02%)
BR30 31,127 Increased By 527.1 (1.72%)
KSE100 94,044 Increased By 688.9 (0.74%)
KSE30 29,143 Increased By 212.6 (0.73%)

ISTANBUL: The Turkish lira weakened as much as 2.8% to a fresh record low early on Friday, extending losses as the central bank’s large rate hike a day earlier, reversing President Tayyip Erdogan’s policy, fell short of market expectations.

The lira last traded at 25.2015, some 1.3% weaker than Thursday’s close. At its weakest point of 25.59 it was nearly 27% weaker against the U.S. currency this year.

Turkey’s central bank raised its key rate by a hefty 650 basis points to 15% on Thursday and said it would go further in its first meeting under new Governor Hafize Gaye Erkan, who was appointed by Erdogan after his election victory last month.

Turkish lira down 7% in biggest selloff since 2021 crisis

The move marked a change in course after years of monetary easing in which the one-week repo rate had been cut to 8.5% from 19% in 2021 in an unorthodox policy pursued despite soaring inflation.

The median estimate in a Reuters poll had been for rates to rise to 21% on Thursday and analysts said the smaller move suggested Erkan might have limited room to aggressively tackle inflation under Erdogan’s watch.

Comments

Comments are closed.