Lira Falls to Record Low After Powell Hints at Faster Tapering
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Turkey’s lira tumbled to a record low, weighed down by the prospect of a faster pace of tightening by the U.S. Federal Reserve.
The lira fell as much as 4.7% to 13.4541 per dollar at 8:08 p.m. in Istanbul, after Fed Chair Jerome Powell said it’s appropriate to consider finishing the central bank’s tapering of asset purchases a few months earlier than previously expected.