Asian markets steady, Turkish lira cuts losses
Asian markets opened steady on Monday as the the U.S. dollar gained on the yen in Asia.
A report by Reuters stated that investors unwound safe-haven trades in the wake of the failed coup in Turkey. The appreciation by yen was also fuelled by a giant takeover bid in the tech sector and the promise of central bank stimulus which lent support to equities.
The Turkish lira was quoted around 2.9675 after the dollar climbed almost 5 % late Friday to a six-month peak around 3.0476.
Dealers noted liquidity was sparse and a true price would only be found once Turkish markets opened, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 % having reached its highest in almost nine months last week.
The Hang Seng index edged up only 0.04% at 21,667.65 points in early trade session on Monday.
SGX Nifty also edged up 0.22% at 8,579 points at 8:28 am IST.
Brent crude prices were trading up 6 cents at $47.68 a barrel.