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Turkish Lira Extends Losses as Rate Speculation Mounts: Chart

Turkey’s lira fell to a record on Monday as investors tested policy makers’ resolve to defend the currency. Inflation in the nation is now running 350 basis points above the central bank’s 5 percent target, stoking speculation that it will need to raise interest rates to curb price increases. The lira has lost 4.7 percent so far in 2017, the worst performance among emerging-market currencies.