Lira Hits a Fresh Low Ahead of CBRT Decision

The Turkish lira slumped to a new record low against the US dollar, as investors cautiously await the outcome of the central bank’s policy meeting, which is expected to leave the key interest rate pending.

A Reuters poll of 17 economists showed that the bank was keeping its repurchase rate for a steady week at 8.25%. Three economists have predicted a rate hike, with estimates ranging from 100 to 150 basis points.

At 06:45 GMT, the lira was at 7.7025 against the dollar, after touching an all-time low of 7.7170 earlier in the session. It closed at 7.7030 on Wednesday.