ISTANBUL: The Turkish lira declined for a seventh straight day on Wednesday, bringing its losses to more than 5% since Russia launched its attack on Ukraine, raising risks of inflationary pressure in Turkey as well as a wider current account deficit.
The lira weakened some 1% to 14.60 against the dollar by 0733 GMT. It had weakened to 14.62 when volatility returned at the end of February due to tensions between Moscow and Kyiv rose, before rebounding.
In the first two months of the year, authorities had been able to contain the lira in a tight band through costly interventions in the forex market and a scheme that protects lira deposits against depreciation.
The lira is now down nearly 10% since the end of 2021, a year in which it shed 44% of its value against the dollar.
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