Turkish Lira Tests Key Level Despite Efforts to Stem Slide
Foreign currency exchange rates are displayed in a bureau de change window in Istanbul.
Photographer: Miguel Angel Sanchez/BloombergThis article is for subscribers only.
The Turkish lira slipped to an eight-month low against the dollar, nearing yet another key level that state banks have been defending as pressure on the currency mounts.
The lira weakened as much as 0.6% to 6.0499 per dollar in Istanbul before trimming its decline. Last week, government-backed lenders sold more than $4 billion of foreign currency, arresting the lira’s slide and holding it stronger than the 6.05 per-dollar-mark.