Turkish lira fell to a new record low of 20.2 per dollar

The Turkish lira fell to a new record low of 20.2 against the dollar on Tuesday, extending losses incurred since President Recep Tayyip Erdogan’s victory in Sunday’s presidential run-off.

The lira fell 0.5 percent from the closing level it recorded on Monday at 20.0990 pounds per dollar, which was its worst daily performance in eight months.

The lira has lost 7.3 percent since the beginning of the year, and has lost more than 90 percent of its value over the past decade, as the economy went through cycles of boom and bust and bouts of rampant inflation.