Turkish markets picks up pieces as cabinet meets amid crisis

ANKARA

REUTERS photo

Turkey’s battered financial markets bounced back today as the cabinet met for the first time since a major reshuffle by Prime Minister Recep Tayyip Erdoğan, battling a damaging political crisis over a high-profile graft probe.

The Turkish Lira rallied to 2.1396 against the U.S. dollar in morning trading, while the Istanbul stock exchange jumped 3.22 percent to reach 65,944.10.

The ongoing government and judiciary crisis have rattled markets, pushing the lira to a fresh record low of 2.1750 against the U.S. dollar, sending the stock market plummeting to its lowest in 17 months, while the Euro reached an all-time high by passing 3 liras for the first time.