The Turkish Lira is Hovering Near Its Lowest Level Against The Dollar

The Turkish lira fell by about 0.8 percent against the dollar on Friday, as investors continued to fear low-interest rates and high inflation, which pushed the lira towards a record low it reached last week.

After it plunged to 13.9095, the lira settled at 13.8750 against the US currency. The Turkish currency has lost 46 percent of its value against its US counterpart this year, hitting an all-time low of 14.0 last week.

Turkey’s new Finance and Treasury Minister Nureddin Nabati said on Thursday the budget deficit would be less than 3.5 percent of gross domestic product this year.