Lira weakens past 8 against dollar for the first time as currency rout deepens
The lira has lost more than 25% in 2020
26 October 2020 - 20:25
Istanbul — Turkey’s lira weakened through 8 per dollar for the first time on Monday amid deepening scepticism over the central bank’s efforts to shore up the currency at a time of rising geopolitical tensions.
The lira fell as much as 1.7% to 8.0984/$, moving lower after Turkey’s President Recep Tayyip Erdogan urged a boycott of French goods. It was the biggest decline among emerging-market currencies Monday and extended a nine-week streak of depreciation, its longest rout since 1999. The benchmark Borsa Istanbul 100 Index sank 3.8%...
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