Turkish Lira Gains 5%, Breaks Longest Losing Streak in 20 Years By

(Bloomberg) — The Turkish lira rebounded more than 5% on Wednesday, breaking its longest losing streak in more than two decades. 

The strengthened to as much as 12.0459 per dollar as of 2:49 p.m. in Istanbul. The lira had been battered as President Recep Tayyip Erdogan’s push for lower interest rates, intended to turbo-boost growth and create jobs, instead resulted in concern over price shocks and generated the wildest lira swings in three years. 

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