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Turkish Lira at Fresh Lows Against USD

Adel 2 November, 2020 1:08 pm Forex Market, Market Update

The Turkish lira weakened against the US dollar to a new record low on Monday, November 2nd, as investors looked at the impact of geopolitical tensions and political interference on monetary policy.

The lira was at 8.3840 against the dollar by 04:28 GMT, approaching the record low of 8.3850 it hit earlier today. The Turkish lira has lost about 30% of its value against the US currency since the beginning of this year.

The Turkish central bank raised the main interest rate during its meeting in September and raised the interest rate ceiling last month to meet the double-digit inflation rate.

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