Following the Military coup late Friday in Turkey, the country’s currency has plunged 5% against the U.S. dollar, a dramatic move for a major currency.
Reports about unusual military activity emerged on Twitter shortly before U.S. markets closed on Friday.
Those early reports caused the iShares MSCI Turkey ETF (TUR) to close down 2.5%. The ETF, which tracks Turkish stocks, plunged another 6% in after-hour trading.
It wasn’t clear who actually has control of Turkey, a NATO ally of the U.S.
Turkish Prime Minister Binali Yildirim, quoted in state news agency Anadolu, said a “group within the military” made an attempt against democracy. But he said the attempt will not be allowed.
The U.S. embassy in the Turkish capital of Ankara confirmed low-flying military jets flying above Ankara and Istanbul for at least an hour. The embassy also said traffic in two of Istanbul’s main bridges were closed by the military.