Turkish lira weakens after Erdogan's remarks on media raids

ISTANBUL: The Turkish lira on Monday fell to an 11-month low against the dollar, trading at 2.34 from 2.326, after President Tayyip Erdogan lashed out at European Union criticism over the detentions of opposition journalists and signalled more raids could follow.

Police on Sunday detained 24 people, including senior journalists who are affiliated with U.S.-based preacher Fethullah Gulen, Erdogan's ally-turned-chief rival, prompting the EU and the United States to raise questions about Turkey's press freedom record.

The lira has already been under pressure, like other emerging market assets, amid expectations the U.S. Federal Reserve will begin lifting interest rates in 2015.