Turkish lira plunges to new record low in Asia Pacific trade

  • Sunday 12, August 2018 in 11:16 PM
  • A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul
Sharjah 24 – Reuters: The Turkish lira sank to a fresh record low of 7.24 to the dollar in early Asia Pacific trade, as investor worries over the state of the economy and deteriorating ties with the United States continued to drag down the currency.
By 1903 GMT on Sunday - early Monday morning in the Asia Pacific - the lira was at 7.06 against the dollar, after touching 7.24 earlier.
 
The Turkish lira has lost about 40 percent of its value this year, largely over worries about President Tayyip Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation, and a row with the United States.