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December 02
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Turkey’s lira neared an all-time low on Monday after U.S. President Joe Biden recognized the mass killing of ethnic Armenians in Ottoman Turkey as genocide in a move that further soured bilateral ties, Ahval reports.

The lira dropped by as much as 1.2 percent to 8.48 per dollar. That compared with a record low of 8.58 per dollar reached in early November.

The troubled currency later reversed the losses, trading up 0.6 percent at 8.32 per dollar in early afternoon local time. Strategists including Tim Ash at BlueBay Asset Management in London said that the Turkish authorities were probably behind the buying, in a repeat of currency interventions conducted last year.

Biden’s decision on Saturday to label the deaths of Armenians during World War I as genocide comes at a low point in relations between the two NATO members. His announcement prompted the Turkish foreign ministry to summon the U.S. ambassador to Ankara for a rebuke. Presidential spokesman Ibrahim Kalın said there would be a political response in the coming months.

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