Turkish Lira Drops as Rate Policy Takes Priority Over U.S. Vote
Turkish lira, U.S. dollar and euros exchange rates at a currency exchange in Istanbul, on Nov. 4.
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The Turkish lira resumed its drop as early presidential election results in the U.S. pointed to a closer race than polls had predicted, while traders focused on the prospects for a local interest-rate hike.
The lira fell as much as 1.5% to 8.5253 per dollar, its ninth loss in 10 days, before paring the slide to 0.6% as of 4:52 p.m. in Istanbul. That bucked a rebound among emerging market peers and offset the gains of the previous day, when speculation about a possible interest-rate increase lifted the Turkish currency.