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Local investors in Turkey sell more than $1 billion in forex after Brexit

Local investors took profits after the lira fell as low as 3.0032 against the greenback

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Turkish local investors sold over $1 billion in forex in profit taking after an initial steep slide in the lira on Friday as Britain's shock vote to exit from the European Union hit emerging market currencies, bankers told Reuters.

Local investors took profits after the lira fell as low as 3.0032 against the greenback. It weakened to a one-month low against the dollar and traded at 2.93 by 0944 GMT, from Thursday's level of 2.8731.

Meanwhile, the Brexit vote will have little impact on Turkey’s exports in the short term, the Turkish Exporters’ Assembly (TIM) said on Friday.

“We expect limited impact from Brexit on our exports ... We have a two-year period ahead of negotiations between Britain and the bloc which will determine what impact this process will have,” TIM chairman Mehmet Buyukeksi said in a statement.

The United Kingdom was Turkey’s second biggest export market in 2015, with $10.5 billion worth of exports and total trade volume of $16 billion.