Turkish lira surges after coup fails

On Monday, the Turkish lira edged up against the evergreen buck, while the safe-haven Japanese yen dipped broadly in the wake of a recent failed Turkish coup over the weekend, thus relieving investor concerns over political uncertainty as well as geopolitical risks.  

The Turkish lira managed to recover some of its losses suffered on Friday when this currency lost almost 5% as news of the coup attempt spooked traders.

On Monday, during Asia trade, the Turkish lira traded at 2.9575, showing a 2.1% surge on the day.

On Saturday, the Turkish government rounded up almost 3,000 suspected military plotters on Saturday and ordered thousands of judges to be detained after supporting a coup to topple the country’s current president Tayyip Erdogan.

The Japanese yen went down as investor risk aversion relieved. The evergreen buck surged 0.4% getting to 105.35 yen. As for the common currency, it gained 0.8% to 116.61 yen. Against the greenback, the euro soared 0.3%, trading at $1.1065. 

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