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The Turkish lira opened around 1.4950 and briefly fell below the key 1.50 levels against the dollar, hitting the lowest value since October 2006. The lira strengthened back to 1.4780 against the dollar.
The lira also lost against the euro and fell below the critical 2.00 level, however strengthened back to 1.98 levels. Â
"In Turkey in particular, the size of the moves is going to refocus attention on the extremely onerous public and external debt financing needs: $145 billion in external financing and public sector debt roll-overs of $100 billion over the next year," said Tim Ash, Head of CEEMEA research of RBS.
The benchmark
The yield on the benchmark June 23, 2010 bond also rose to its highest with 21.50 percent but fell to 21.11 percent at the end of the day from Thursday's close at 20.71 percent.
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Policy makers should act rapidly to restore confidence in the markets and if the decline in the lira's value continues further this may force the central bank to step in with interest rake hikes or direct intervention to the markets, he added.
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"The official line that
GLOBAL STOCKS MIXED
Global stock markets traded mixed on Thursday amid recession fears as Wall Street rose, Europe fell for a second day running and
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The Dow Jones Industrial Average was up by 0.57 percent shortly after the start of trading in
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Renewed panic had erupted in trading rooms earlier Thursday, with
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Shrugging-off recent optimism about massive government efforts to prop up the global financial system, investors fled from stocks, commodities and other risky assets to the relative safety of cash.
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Governments around the world have pledged $3.2 trillion in emergency measures -- roughly an equivalent to the economic output of Germany or China -- including taking stakes in banks to help them stabilize, rallying world markets on Monday and Tuesday