MARKET NEWS
Istanbul mayor Imamoglu is arrested. Turkish lira plunges to record low - REUTERS
By Ezgi Erkoyun and Canan Sevgili
Summary
- Lira fell 2.6% after earlier falling 12.7% to a record low
- Stocks down near 9% in largest daily drop in four years
- Analysts worry about effect on monetary policy
ISTANBUL, March 19 (Reuters) - Turkey's lira tumbled to a record low of 42 per dollar before recouping most of the day's losses on Wednesday, while bonds and stocks also slid after authorities detained President Tayyip Erdogan's main political rival.
After weakening to a record low of 42 per dollar earlier, the lira closed at 37.665 per dollar, a 2.6% decline. Early in the overnight session, it was bid at 38.
