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Turkish Lira Weakens to Record as Geopolitical Risks Mount

Turkey tests the S-400 air defence system from Russia at Murdet Air Base in Ankara, Turkey, in 2019.

Turkey tests the S-400 air defence system from Russia at Murdet Air Base in Ankara, Turkey, in 2019.

Photographer: Getty Images/Getty Images Europe

Turkey’s lira depreciated to a record against U.S. dollar, decoupling from other emerging-currencies amid mounting geopolitical risks in the region.

The lira fell as much as 0.9% to 7.8692 per dollar, extending losses this year to more than 24%, the second-biggest slide in emerging markets after Brazil’s real.