Turkey's lira weakens to record low above 2.53 against dollar

ISTANBUL: The Turkish lira weakened to a record low above 2.53 against the dollar on Tuesday, extending losses on the back of US currency strength but with concerns about government pressure on the central bank to cut rates continuing to weigh on sentiment.

The lira peaked at 2.5312, exceeding a previous low of 2.5275 after data showed inflation remained well above the central bank's target in February, limiting its room to make the deep rate cuts demanded by President Tayyip Erdogan.