ISTANBUL, June 7 (Xinhua) -- The Turkish currency hit an all-time low against the U.S. dollar on Wednesday, trading at over 23 liras.
After seeing 23.17 at 1:23 p.m. local time (1023 GMT) against the greenback, the lira stood at 23.05, losing around 7 percent of its value in a single day.
The currency tested over 25 thresholds against the Euro in the morning and later dropped to 24.85.
Meanwhile, the benchmark BIST-100 Index at the Istanbul Stock Exchange exceeded the 5,600 level on the same day, recovering its 2023 losses.
Turkish President Recep Tayyip Erdogan was sworn in on Saturday for another five years following an election victory on May 28 and changed almost all his cabinet members, and named widely respected Mehmet Simsek as finance minister.
Simsek, a former finance minister and deputy prime minister under Erdogan's government, is expected to fight against almost 40 percent inflation and restore investor confidence.
He said on Sunday that Türkiye had no choice but "to return to the rational ground," which was seen as a sign of getting back to orthodox economic policies. ■
