Turkey’s Lira Heads for Record Low as Bonds Slide Amid Violence
Tourists inspect goods for sale outside a souvenir stores in the Grand Bazaar covered market in Istanbul.
Photographer: Lam Yik Fei/BloombergThis article is for subscribers only.
The Turkish lira headed for a record low and bonds fell on investor concern the country’s involvement in regional conflicts and the threat of terror attacks on its home turf may complicate attempts to form a coalition government.
The lira dropped 1.1 percent to 2.7667 per dollar at 5:04 p.m. in Istanbul, the worst performance after Russia’s ruble among 24 emerging market currencies tracked by Bloomberg. The yield on 10-year government bonds rose 23 basis points to 9.95 percent, headed for the highest close since Sept. 30. Turkish stocks were set for the lowest finish in more than four months.