Lira Weakens Past 8 per Dollar as Currency Rout Deepens
- Currency has been hit by low rates and waning foreign interest
- Hard to identify a bottom for currency, says Rabobank’s Matys
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Turkey’s lira weakened through 8 per dollar for the first time amid deepening skepticism over the central bank’s efforts to shore up the currency at a time of rising geopolitical tensions.
The lira fell as much as 1.7% to 8.0984 per U.S. dollar, moving lower after Turkey’s President Recep Tayyip Erdogan urged a boycott of French goods. It was the biggest decline among emerging-market currencies Monday and extended a nine-week streak of depreciation, its longest rout since 1999. The benchmark Borsa Istanbul 100 Index sank 3.8%.