August 6, 2020

Turkish lira hits record low as forex reserves dwindle

Istanbul (AFP) – Turkey’s lira on Thursday set a new record low against the US dollar as investors worried about the government’s economic policies and dollar reserves appeared to be running low. The lira was trading at 7.28 against the greenback around 1030 GMT, suffering a loss of more than 3 percent since the start of the day — the lowest since May when it reached a then-record low of 7.24.The currency also recorded its lowest level against the euro, trading near 8.60 against the European currency at 1030 GMT.The new fall comes as markets worry about a meltdown in the foreign currency rese…


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