Turkish Lira Falls to Record Low as Rate-Cut Jitters Build
- Turkey’s easing cycle has triggered a meltdown in the lira
- Central bank is expected to cut its benchmark rate again today
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The Turkish lira tumbled to another record low as traders braced for the central bank to press on with an easing cycle that has fanned inflation and undermined the currency.
The lira dropped as much as 3.1%, falling past the psychologically important 15-per-dollar mark for the first time. The currency pared some of that retreat to trade 1.4% weaker at 15.0252 per dollar as of 9:39 a.m. in Istanbul.