Wild times continue for lira as currency hits record low

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By Ross Lancaster
06 Aug 2020

Turkey continued to teeter on the brink of a currency crisis this week, as the lira went on another rollercoaster ride and touched a record low.

The lira touched TL7.3 to the US dollar on Thursday from TL7.05 on Wednesday, having ended last week below TL7.00.

Thursday’s drop followed wild spikes in the overnight implied rates on the Turkish lira which exceeded 1,000%. The levels seen earlier this week receded to around 20%, but the ...

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