Markets

Turkey's lira extends losses to 2.36 against dollar

Published January 27, 2014 Updated January 27, 2014 08:39am

ISTANBUL: The Turkish lira hit a fresh record low above 2.36 against the dollar on Monday, as a day of additional monetary tightening failed to support the currency in the face of growing pressure on emerging markets.

The lira has continued to set new lows since the central bank kept its main interest rates on hold last Tuesday despite rising inflation, raising doubts over its willingness to defend the currency.