Turkish lira rallies crashing wake of cou

ISTANBUL: Turkey’s currency lira rallied on Monday after suffering one of its steepest ever drops to a historic low in the aftermath of a military coup attempt to topple President Recep Tayyip Erdogan’s government.The lira was trading at 2.93 to the US dollar, a gain in value of 2.7 percent on the day.In the wake of the coup action late Friday, it had crashed 4.99 percent to trade at a historic low of 3.04 lira to the dollar.The lira was trading at 3.24 to the euro, a gain in value of 2.67 percent. On Friday it had tumbled 4.8 percent in value against the euro to trade at 3.34 to the euro.Markets appear to have been reassured by the failure of the coup and the reimposition of order under President Recep Tayyip Erdogan.The Istanbul stock exchange, which was not open when the coup took place, fell 2.3 percent to 80,756 points.The coup started with warplanes flying over the Turkish capital and tanks deployed on the Bosphorus bridge. A faction in the army said it had seized power.Turkish authorities have cracked down on suspects in the failed coup against Erdogan.Turkish officials said the situation was under control with F-16s patrolling Turkish airspace late Sunday.