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Lira Falls to Record Low as Turkey Grapples to Stem Market Rout

  • Currency trims losses after new target set, then falls again
  • Domestic debt rollover ratio to fall to 104% vs 110% target
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The Turkish lira plunges on a fear contagion is spreading. Bloomberg’s Garfield Reynolds and Onur Ant report.(Source: Bloomberg)
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The Turkish lira sank to a record low as concern about souring relations with the U.S. and runaway inflation outweighed the nation’s plans to stem a market rout.

The dollar surged as much as 13.5 percent on Friday, pushing the lira down to an all-time low of 6.3005. That extended the Turkish currency’s worst weekly slide since the 2008 financial crisis as attention turns to the first public address from President Recep Tayyip Erdogan and press conference from his son-in-law, Treasury and Finance Minister Berat Albayrak.