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Turkish lira pulls back from record low of 7.24, rattles global markets

The lira, which hit a record low of 7.24 against the dollar in Asian trading, pared losses after Albayrak's comments

Reuters  |  Istanbul 

Turkey's lira pulled back from a record low of 7.24 to the dollar on Monday after the central bank pledged to provide liquidity and cut reserve requirements for Turkish banks, but its meltdown continued to rattle global markets. The currency has lost more than 40 per cent against the dollar this year, largely over worries about President Tayyip Erdogan's influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States. On Friday that relentless slide turned into a crash: the lira dropped as much as 18 per cent, hitting US ...

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First Published: Mon, August 13 2018. 17:01 IST
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