Turkish Lira Slides to Record Low on Rising Tensions, Rate Cut
- Lira has slumped since 100bps surprise rate cut on Sept. 23
- Turkey determined to eliminate threats from Syria: Erdogan
Photographer: Moe Zoyari/Bloomberg
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Turkey’s lira dropped to a record low on Monday as a stronger U.S. dollar weighed on emerging-market currencies, adding to bearish momentum on the lira since the nation’s central bank unexpectedly cut interest rates last month.
The currency extended losses past 9.00 per dollar in New York hours, trading for as little as 9.0178, a 0.5% drop. The move followed last week’s rout in Treasuries that drove the ten-year yield to a four-month high. The U.S. bond market is closed on Monday for holiday.