Turkish markets tumbled amid mounting fears that punitive measures from Washington could deal a fresh blow to the Turkish economy. The lira joined the retreat, despite efforts by state banks to support the currency.
The lira broke past the 5.93-per-dollar mark even as lenders sold more than $1 billion worth of foreign exchange, according to two people familiar with the matter, who asked not to be named because because the information isn’t public. Last week, state banks sold the equivalent of at least $3.5 billion worth to support the currency, three people said.
