TokyoTokyo Mon - Fri 10:00-18:00 +81 (368) 662-975
info@mountequitygroup.com

Turkish lira hits 14 to USD in face of Erdogan’s ‘dangerous experiment’

Mount Equity Group Tokyo, Japan > News > Markets > Turkish lira hits 14 to USD in face of Erdogan’s ‘dangerous experiment’

ISTANBUL, Nov 30 (Reuters) – Turkey’s lira plunged as low as 14 to the U.S. dollar and hit new lows against the euro on Tuesday, capping a historical month of selling after President Tayyip Erdogan again endorsed aggressive interest rate cuts despite widespread criticism and soaring inflation.

The lira fell as much as 8.6% to the greenback, which was boosted after hawkish comments from the U.S. Federal Reserve, underscoring the risks for Turkey’s economy and for Erdogan’s own political future. read more

The lira ended the session down 4.6% to the dollar, at 13.415, and at 15.2809 to the euro.

Register now for FREE unlimited access to reuters.com

Register

The currency has lost some 45% of its value so far this year and 28.3% in November alone, rapidly eroding Turks’ earnings and savings, upending household budgets and even leaving them scrambling to find some imported medicines. read more

The monthly sell-off was among the currency’s…

Read more…