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Turkey's lira rallies late after Erdogan bolsters currency

Nation's bank group says about $1bn sold in markets

Turkish President Tayyip Erdogan addresses the media after a cabinet meeting in Ankara on Dec. 20. (Photo by Murat Cetinmuhurdar/PPO/Handout via Reuters) 

ANKARA (Reuters) -- Turkey's lira ended the session up over 20% on Monday after President Tayyip Erdogan introduced a series of steps that he said will ease the burden of the weakened currency on Turks, while vowing to press on with a low-rates policy that led to the lira's slide in the first place.

The lira, which was down more than 10% at 18.4 to the dollar earlier, strengthened sharply and ended up 25% on the day at 13.15 in reaction to Erdogan's announcement, in its largest daily trading range on record. It remains down 45% so far this year.

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