The pound fell as low as 18.85 against the dollar early in the session before recovering most of its losses.
The Turkish lira fell to a new record low and Turkish stock markets tumbled today as a strong earthquake struck southern Turkey added to pressures on the country from a strong dollar, geopolitical risks and high inflation.
The pound fell as low as 18.85 against the dollar early in the session before recovering most of its losses.
The general index on the Turkish stock market fell as much as 4.6%, with banks plunging more than 5% before recovering some of the losses with some major indexes down around 2.5% around 11:10 GMT.
“The tragic events with the southern part of Turkey hit by a strong earthquake are a source of additional uncertainty ahead of the crucial elections that are likely to be held in May,” said Piotr Mattis, analyst at In Touch Capital Markets.
Turkish President Recep Tayyip Erdogan said today that the death toll from the powerful 7.8-magnitude earthquake that struck the country has reached 912.
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