Markets

Turkish lira slumps to new low in value against dollar

Published February 6, 2015 Updated February 6, 2015 07:40pm

1 min

By Shoaib Ur Rehman

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ISTANBUL: Turkey's embattled lira hit a new low in value against the dollar on Friday, with investors rattled by comments from President Recep Tayyip Erdogan earlier this week threatening the independence of the central bank.

The lira lost value to trade at 2.47 to the US dollar, which was up 1.34 percent on the day, boosted by strong US jobs data earlier in the day.

Erdogan, who wants the central bank to aggressively cut interest rates, indicated in a speech earlier in the week that Turkey would be better off if the central bank was not independent.

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