The Turkish Lira Continues to Slide

The Turkish lira consolidated its strong losses against the US dollar today, especially with the release of Turkish inflation data, which showed that inflation continues to rise significantly.

The Turkish lira clearly declined, bringing the dollar lira pair to a new record level at 9.8510, and is currently trading at 9.6665.

The data of the Turkish Statistics Authority released yesterday showed that the inflation rate rose last October by 19.89% on an annual basis, as inflation rose by 0.31% from the rate recorded in the previous month at 19.58%, and this rise in inflation was a major reason for the decline of the Turkish lira against U.S. dollar.