Turkish lira weakens before central bank inflation report

ISTANBUL: Turkey's lira weakened beyond 4.9 against the US dollar on Tuesday ahead of the central bank's quarterly inflation report, as concerns over the central bank's ability to rein in double-digit continued.

The lira, which has lost a fifth of its value this year, has been battered by several concerns, particularly the central bank's independence faced with President Tayyip Erdogan's call for lower interest rates.

The lira weakened to 4.9190 against the US dollar in morning trade, from Monday's close of 4.8805.

The bank left its one-week repo rate on hold last week, contrary to market expectations after annual inflation hit a 14-year high in June.

The central bank will publish its inflation report at 0730 GMT.