Lira Weakens Past 3 per Dollar Sending Stocks Falling With Bonds
An employee counts out 50 Turkish lira banknotes at a currency exchange office in Istanbul.
Photographer: Kerim Okten/BloombergThis article is for subscribers only.
Turkish markets extended declines, sending the currency below 3 per dollar for the first time, as domestic political turmoil and a rout in emerging markets deepened.
The lira has weakened 22 percent this year, making it the year’s second-worst emerging-market currency following inconclusive elections in June and militant violence that reached the capital Istanbul Wednesday. Facing an economic slowdown, the central bank left interest rates unchanged this week and President Recep Tayyip Erdogan may call a new vote as soon as October.