Turkey's lira weakens to record low on rate cut expectations

ISTANBUL: The Turkish lira tumbled to a new record low against the dollar on Thursday on expectations that the Central Bank will cut interest rates at an extraordinary monetary policy committee meeting as early as next Wednesday.

The Federal Reserve's upbeat view on the U.S. economy and signal that it was on track to raise interest rates this year also hit the lira, which slipped as far as 2.4145 from 2.3780 late on Wednesday and a previous record low of 2.4140 on December 16.