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Turkish Lira and TUR ETF Plummet on "Coup Attempt"
The story is still developing, but it looks like the Turkish Lira and the iShares MSCI Turkey ETF (TUR - Free Report) are both taking a hit in after-hours trading in response to an ongoing coup attempt by part of the Turkish military.
It’s still unclear exactly what is happening in the country, but reports of military activity first surfaced throughout social media. Videos like the one below appear to show low-flying aircraft above a Turkish city.
The Prime Minister of Turkey, Binali Yildirim, said in a phone interview with Turkish broadcaster A Haber that some military units have attempted an uprising. Yildirim announced that the move will not be allowed to succeed and the country will meet force with force.
According to first-hand reports from inside Turkey, military forces have blocked at least two bridges in Istanbul and were instructing citizens to return home.
CNBC was the first to document the quick slump in the Turkish Lira:
Shares of TUR, which were down about 2.51% in regular trading hours, plummeted a further 5.96% to $39.12 as of 4:36 p.m. EST. Make sure to check back for more news about the financial situation in the country as this story continues to play out.
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