The statements by U.S. President Donald Trump Wednesday were welcomed by markets around the world as the remarks were perceived to be mitigating the ongoing tension. Negatively affected by the U.S.-Iran row, Turkish assets responded positively on indications of a detente, with the Turkish lira spiking against the U.S. dollar and the stock exchange returning to an upward trend.
Prior to Trump's remarks, the Turkish lira was trading at 5.95 per U.S. dollar as one of the most affected emerging market currencies from the tension. Following the U.S. president's conference, during which he played down the escalating rhetoric, the greenback fell to 5.90. The Turkish lira was trading at 5.86 against the greenback, up 0.65%, at 6:45 p.m. local time on Thursday.
Moreover, Turkey's stock exchange Borsa Istanbul's benchmark index BIST 100 rose by 4.5% and hit 117,990 points at Thursday's closing, nearing its previous records at 120,000 points. The rally in the stock market was mainly spearheaded by the banking sector – which enjoyed the positive impact of the falling exchange rate and interest rates.
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