Turkish lira hits record low on global inflation fears

11 Nov, 2021

ISTANBUL: The Turkish lira weakened to a fresh record low against the dollar on Thursday after higher-than-expected US inflation data compounded worries for a currency already hurt by the central bank's monetary policy.

The lira stood at 9.9050 against the US currency at 0515 GMT, off a low of 9.91 and 0.6% weaker than its close.

The currency has lost some 25% of its value so far this year.

The US inflation data boosted the dollar as investors weighed a possible earlier policy tightening by the Federal Reserve. Rising US rates tend to pull funds from emerging economies with high foreign debt, like that of Turkey.

Read Comments