A customer leaves a currency exchange office in Ankara, Turkey, October 26, 2021. REUTERS/Cagla Gurdogan

ISTANBUL, Nov 11 (Reuters) – The Turkish lira continued its dive into uncharted territory on Thursday, touching a new low of 9.975 to the dollar after a jump in U.S. inflation exacerbated worries over a currency already hobbled by the central bank’s unorthodox rate cuts.

The lira was down as much as 1.2% and near the psychological threshold of 10 versus the U.S. currency. It has shed two-thirds of its value in five years, eating into the incomes of Turks along with double-digit inflation.

At 1156 GMT, one dollar was worth 9.9145 Turkish lira. The Turkish currency – the worst performer in emerging markets again this year – was also nearing a record intraday low versus the euro at 11.4386.

The higher-than-expected U.S. inflation data boosted the dollar as investors weighed a possible earlier policy tightening by the Federal Reserve….

Read more…

Share.

Comments are closed.