Turkish crisis: Indian rupee hits record low but lira recovers


Despite the rupee’s slide, the picture is brighter in other emerging markets this morning.

South Africa’s rand has gained 2%, as it bounces back after hitting a two-year low during Monday’s selloff .

Russia’s rouble is up 1.5%, reaching 66.76 to the US dollar having struck 68 (also a two-year low) on Monday.

The Mexican peso is also catching a break, up 1% too.

Turkey’s stock market is also rallying this morning, up over 2% in early trading.

That mean shares have clawed back most of Monday’s losses.

After days of very heavy losses, Turkey’s currency is recovering some ground.

The lira has risen by around 5%, taking it back to 6.5 lira to the US dollar from over 6.88 late last night.
That could be a sign that investors are recovering their nerve - however, this still leaves the lira in a precarious place (it was worth 3.7 lira to the dollar at the start of 2018).
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