Turkish Lira at Record Low

The Turkish lira fell to the record low, being under pressure from fundamentals both domestic and from abroad.

The lira was hurt by Wednesday’s data that showed an increase of the current account deficit and slowdown of nation’s economic growth. As for news overseas, the drop of China’s exports and imports as well as minutes of the latest policy meeting released by the Federal Reserve yesterday were cited by experts as reasons for the lira’s drop. The Turkish currency was the weakest among its counterparts from emerging markets after the currencies of Mexico and Argentina.

USD/TRY rallied 0.32% to 3.0967 as of 12:03 GMT today, touching the all-time high of 3.1112.

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