Turkish lira recovers

ISTANBUL: The Turkish lira was up 0.5% on Wednesday after hitting a record low the day before, with analysts citing a JPMorgan recommendation to buy the currency as a volatile month-long sell-off showed signs of losing steam.

The lira has lagged most other currencies this year due to concerns over depleted central bank reserves, costly state FX interventions and sharply negative real interest rates.

The lira was at 7.3625 at 1233 GMT, versus a record intraday low of 7.407 touched on Tuesday. It earlier strengthened to 7.34 against the greenback.

Istanbul's main BIST 100 index was flat.