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Turkish Lira Weakens to Record as Rising Fed Bets Add to Risks

  • Lira extends decline for fifth day against the dollar
  • Fed minutes reinforce expections U.S. rates set to rise
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Turkey’s lira depreciated to an all-time low and its stock and bond markets sold off as expectations the U.S. will raise interest rates this year added to concern about the nation’s economic outlook.

The currency lost as much as 0.8 percent per dollar to record 3.1131, before trimming losses to 0.2 percent as of 4:28 p.m. in Istanbul. The Borsa Istanbul 100 Index headed for the longest losing streak in three months and the yield on the government’s 10-year bonds exceeded 10 percent for the first time since July.