August 6, 2020

Turkish lira hits record low as forex reserves dwindle

Istanbul (AFP) – Turkey’s lira set a new record low against the US dollar on Thursday as investors worried about the government’s economic policies and dollar reserves appeared to be running low. The lira was trading at 7.29 against the greenback around 1400 GMT, suffering a loss of more than 3.5 percent since the start of the day — the lowest since May when it reached a then-record low of 7.24.Since January 1, the Turkish currency has lost nearly 20 percent of its value against the dollar. The lira also recorded its lowest level against the euro, trading 8.64 against the European currency at…


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