Photo: Reuters/Murad Sezer
Some official explanations for the plunging value of the Turkish lira border on the absurd. Photo: Reuters / Murad Sezer

Turkish stocks nearly regained their May 10 peak in dollar terms as Turkish stock prices rose with the Turkish lira in a broad-based rally.

The lira’s rally against the US dollar was a byproduct of the euro’s jump against the dollar after elections in the German state of North Rhine Westphalia. Europe is Turkey’s main trading partner, and the euro-lira cross-rate is more important than the dollar exchange rate.