Lira Drops to Record After Erdogan’s Threat Against Envoys
- Investors see fresh hit to weakening lira if crisis worsens
- Local assets more volatile with many foreign investors gone
Recep Tayyip Erdogan
Photographer: Ozan Kose/AFP/Getty Images
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Turkey’s lira fell to a record as the country’s latest diplomatic spat with the U.S. and other foreign governments gave traders another reason to sell the struggling currency.
The lira retreated as much as 2.5% in early Asian trading amid thin liquidity on Monday, touching a new low for a third day. It was 1.5% weaker at 9.7509 per dollar at 10:48 am. in Istanbul.