Turkey's lira rallies vs. the dollar on Tuesday

Turkey's beaten-down currency USDTRY, -4.8906% gained on the U.S. dollar early Tuesday, rebounding somewhat from Monday's all-time low against the buck. One dollar recently bought 6.4535 lira, down from 6.8846 late Monday in New York. The greenback is still up sharply against Turkey's currency in August, showing a 31% gain, and it's up 70% on the lira in the year to date.

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Turkish lira rebounds off historic lows against major currencies

The Turkish lira stages a broad rally against its major counterparts Tuesday following an intense few sessions of unraveling that has sparked concerns of economic contagion.

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