USD/TRY prints new high above 7.00, TRY put value hits record high

• Turkish Lira (TRY) continues to take a beating on Monday.
• The value of the TRY put options has hit a record high.

The USD/TRY rose to a new lifetime high of 7.0155 on Monday, having dropped 27 percent in the last week.

At press time, the currency pair is trading at 6.98 - down 84 percent on a year-to-date basis.

The battered currency isn't finding any bargain hunters, possibly due to fears that crisis is set to worsen as the country’s President Recep Tayyip Erdogan has ruled out an IMF bailout and also opposes central bank rate hikes.

Further, the implied volatility premium for TRY puts (bearish bets) has jumped to record high of 8.95 TRY puts, according to one-month 25 delta risk reversals.

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