Turkish lira again weakens to record low beyond 8.1 against US dollar

The lira stood at 8.1050 against the dollar. (File photo: Reuters)

Turkey’s lira weakened to a fresh record low against the dollar on Tuesday, after Ankara’s relations with its Western allies soured in recent days and the central bank did not raise its policy rate last week.

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The lira stood at 8.1050 against the dollar at 0647 GMT, its weakest level on record, compared to Monday’s close of 8.0900.

Strains in ties with the United States, a row with France, a dispute between Turkey and Greece over maritime rights and the conflict in Nagorno-Karabakh have all unsettled investors.

The central bank left its key rate at 10.25 percent on Thursday and raised its late liquidity window to 14.75 percent, saying significant tightening in financial conditions had already been achieved after steps to contain inflation risks.

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Last Update: Tuesday, 27 October 2020 KSA 10:09 - GMT 07:09
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