ANKARA, March 10 (Reuters) - Turkey's lira, which is prone
to sharp swings before regular trading hours, was flat early on
Friday, after dropping 4.25% to a record low of 19.80 against
the dollar overnight.
The lira stood at 18.9575 at 0439 GMT, same as
its closing level on Thursday. Overnight, it firmed up some 5.3%
to 18.0030 before swinging in the other direction.
Economists are currently weighing the impact of the massive
earthquake that hit Turkey last month.
Presidential and parliamentary elections scheduled for May
14 are adding to uncertainty. They will determine whether Turkey
continues with unorthodox policies under President Tayyip
Erdogan or revert to orthodoxy as promised by the opposition.
The lira has been largely stable since August thanks to
authorities' heavy hand in the forex market. The Turkish central
banks' gross forex reserves declined by about $9.3 billion since
the first quake hit in early February.
The currency lost some 30% of its value against the dollar
last year due to concerns about monetary policy and the fallout
from the war in Ukraine. It had shed some 44% in 2021.
(Reporting by Ali Kucukgocmen; Editing by Muralikumar
Anantharaman)
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