Lira Slumps amid Tensions Between USA & Turkey

The Turkish lira slumped against the US dollar as relationships between the United States and Turkey deteriorated after the arrest of a US consulate worker.

Relationships between the two countries strained after last week the Middle Eastern country arrested a Turkish citizen working in the US consulate over the alleged ties to last year’s failed coup to remove President Recep Tayyip Erdogan from power. Today, another consulate worker was arrested. The USA and Turkey stopped issuing visas for each other’s citizens.

USD/TRY plunged 3.33% to 3.7352 as of 14:59 GMT today.

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