Turkish Lira Slides as WSJ Reporter Sentenced to Prison
- Currency reverses gain of as much as 1.1% against dollar
- Conviction adds more tension after visa-suspension controversy
Commerzbank's Bantis on Turkey, Emerging Markets
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The lira erased gains against the dollar after the White House backed its ambassador’s decision to suspend visas from the country and a Turkish court convicted in absentia a journalist from The Wall Street Journal.
The lira had rallied as much as 1.1 percent before slumping in the U.S. session, trading about 0.2 percent lower at 3.7111 by 5 p.m. New York time.