Turkish Lira Drops to Record as Rates Meeting Irks Investors
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The lira weakened to a record after Turkey’s central bank said it may hold an emergency meeting next week to lower interest rates, stoking concern it’s bowing to political pressure.
The currency fell for a fifth day, losing as much as 1.4 percent to a record of 2.4181 against the dollar and traded 0.8 percent weaker at 2.4047 as of 5:28 p.m. in Istanbul. Yields on two-year government notes rose 24 basis points to 6.93 percent, paring this year’s best global bond rally.