ECONOMY

Turkish lira weakens against dollar on Greece turmoil

Turkish Liras, centre, featuring images of Turkish Republic founder Mustafa Kemal Ataturk, are seen among other foreign currency, at a currency exchange office in Istanbul, Turkey. (File Photo: AP)

The Turkish lira weakened around 1.4 percent against the dollar on Monday, underperforming its emerging market peers on investor unease about the prospect of Greece defaulting on its debt repayment this week.

Market watchers said concerns about possible Turkish military steps over the situation in neighhbouring Syria also weighed on sentiment ahead of a meeting of Turkey's National Security Council on Monday.

President Tayyip Erdogan said at the weekend Turkey would never allow the formation of a Kurdish state embracing its south-east and parts of northern Syria.

At 0552 GMT, the lira stood at 2.7050, weakening from 2.6657 late on Friday. The currency has weakened around 14 percent against the dollar this year, making it one of the worst performing emerging market currencies.
 

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Last Update: Monday, 29 June 2015 KSA 11:47 - GMT 08:47
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Turkish lira weakens against dollar on Greece turmoil
The Turkish lira weakened around 1.4 percent underperforming its emerging market peers on investor
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