ISTANBUL—Turkey’s central bank resorted Thursday to direct currency sales for the first time in two years to prop up the lira, but the currency kept on spiraling to record lows amid a broad-based investor exodus from emerging markets.
Policy makers in Ankara started selling dollars in the European morning as the dollar jumped to 2.2973 against the lira, according to traders familiar with the transaction. The lira bounced back somewhat in response, but plunged again within hours. That drew in the central bank for a second…
Read this article: Intervention Fails to Stem Lira Sell-Off
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