Turkish Lira Drops to Record as Central Bank’s Resolve Tested
- Turkish currency also weakens to new record against the euro
- Currency seen defenseless as central bank reluctant to act
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The Turkish lira’s losses deepened on Thursday, with the currency falling to record lows against the dollar and euro.
The lira dropped through 3.50 per dollar, extending its slump this year to 17 percent, the most in emerging markets behind the Argentine and Mexican pesos. The decline is adding to pressure on the nation’s central bank to step in to stem losses, even after its surprise interest-rate increase last week failed to have a meaningful impact on the lira’s drop.