Turkish lira weakens to record all-time low of 8.0 against US dollar

A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey. (Reuters)

The Turkish lira weakened to an all-time low of 8.0 against the US dollar on Monday, after the central bank kept the policy rate on hold last week against expectations of a hefty rate hike.

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The lira touched 8.01 in early trade and stood at 8.0080 at 0636 GMT, weakening from a close of 7.9650 on Friday. It has lost 25 percent of its value this year against the US currency.

The central bank had been expected to raise its policy rate by 175 basis points to 12 percent last Thursday in the face of weakness in the lira triggered by concerns about high inflation and the central bank’s badly depleted FX reserves.

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Last Update: Monday, 26 October 2020 KSA 09:55 - GMT 06:55
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