NEW YORK/ISTANBUL -- Turkey's currency clawed back some of its losses Wednesday after falling more than 15% at one point against the dollar the previous day on President Recep Tayyip Erdogan's continued defense of interest rate cuts as a cure for rising inflation.
The currency regained as much as 10% during trading and was up more than 6% as of 11:30 p.m. Turkey time at 12 lira to the dollar, up from a low of 13.35 lira the previous day.
