According to Jinshi, investment banks such as Citigroup and JPMorgan Chase recommend buying the Turkish lira, and there are signs that foreign investors are betting on the Turkish lira through derivatives. The Turkish lira has risen for three consecutive days, and the implied yield of the offshore overnight lira is 45.5%, far lower than the onshore yield of 52.5%. "We are shorting six-month forward contracts and believe that the currency may absorb further inflows in the coming months," said Citi strategist Luis Costa. They expect the Turkish central bank to remain cautious and adopt tight policies to deal with rising inflation. "We believe that the risk-reward of going long on the lira has improved again after the unexpected rate hike in March," wrote JPMorgan strategists.