Lira Falls to 2-Month Low as Zuma Shakeup Roils Emerging Assets
- Lira drops 1.5%, most among EMs after rand, Colombian peso
- Currency 7.6% weaker, stocks 16% down from post-election highs
South Africa’s Rand Weakens Post Finance Minister Change
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The Turkish lira fell to the lowest level in almost two months and stocks dropped for a fifth week of declines as a rout in South African markets soured investor sentiment for other high-yielding emerging markets.
The lira depreciated 1.5 percent to 2.9676 per dollar at 5:45 p.m. in Istanbul, the weakest level since Oct. 14, and the largest decline behind South Africa on the day. The Borsa Istanbul 100 Index fell 2.9 percent to 70,280.34 at close, the lowest level in more than a year and a half. The yield on 10-year government bonds rose 24 basis points to 10.71 percent, the highest in more than two months.