Lira hits fresh record low

ISTANBUL: Turkish lira weakened on Thursday to a new record low against the dollar which firmed after the US Federal Reserve upgraded its 2020 GDP outlook.

The Turkish currency touched a low of 7.55 and was trading at 7.5440 at 0921 GMT, some 0.6% weaker than Wednesday's close. It has weakened 21% this year.

Most emerging Asian currencies also fell on Thursday against the greenback following the US central bank prediction that the world's largest economy would shrink 3.7% in 2020, far less than the 6.5% contraction previously forecast.