The Turkish lira fell 5% to a new record low against the dollar | latest news


The Turkish lira plunged to new depths against the US dollar and the euro on Tuesday at the conclusion of its fifth worst month ever, after President Recep Tayyip Erdogan endorsed deep interest rate easing despite widespread criticism and high inflation.

The lira fell 5% to a new record low of 13.4515 against the dollar, breaking past a low hit last week, when Erdogan defended monetary easing that many economists described as reckless.

The lira recovered slightly to 13.35 against the dollar at 1635 GMT.

It also touched a low of 15.06 against the euro.

The lira has lost 45% of its value since the beginning of the year, and 29% this month alone against the US currency.


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