Turkish lira firms after hitting record level at 19.8 against dollar

Turkish lira, which is exposed to sharp fluctuations before the ‎usual trading time, stabilized early on Friday after falling 4.25 ‎percent to a record low of 19.80 against the dollar on Thursday ‎evening.‎

By 0439 GMT, the lira had settled at 18.9575 against the dollar, ‎which is the same closing level on Thursday, according to ‎Reuters.‎

During Thursday night, the lira rose by about 5.3 percent to ‎‎18.0030, before changing its direction and retreating.‎

Economists are currently studying the impact of the strong ‎earthquake that shook Turkey last month

The presidential and parliamentary elections scheduled for ‎May 14 also add to the uncertainty. The outcome of those ‎elections will determine whether Turkey will continue the ‎unconventional financial policies of President Recep Tayyip ‎Erdogan, or will change them.‎

The lira has largely stabilized since August, thanks to the ‎authorities’ heavy intervention in the foreign exchange market.‎