The Turkish Lira Drops 1% as US Dollar Rises on Coronavirus Measures

The Turkish lira declined 1% against the dollar, along with other currencies in emerging markets, as investors switched to the low-risk US dollar in light of a large number of countries tightening measures to contain Covid-19.

The lira was at $7.7050, down from Friday’s closing level of 7.6280. The lira has strengthened in recent days, thanks to expectations that the central bank will adopt tighter policies after inflation rose to 14% in November.