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ISTANBUL (Reuters) -Turkey’s lira tumbled to a record low of 8.6 versus the dollar on Friday as it took a hit from global inflation concerns, expectations that the central bank will soon cut interest rates and worries over possible early elections.
FILE PHOTO: Turkish lira banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration
The lira - by far the weakest performer in emerging markets this year - slipped beyond its November intraday low of 8.58, marking the latest step in a years-long depreciation that has dogged the Middle East’s top economy.
It recouped some losses and was at 8.575 against the U.S. currency at 10:52 GMT, ahead of a review by S&P Global that could downgrade its Turkey credit rating. It also logged a new nadir of 10.4696 against the euro.
Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities
LONDON: Some of Turkey’s most popular shorelines have been struck by a mucus-like substance known as “sea snot,” which scientists have warned is spreading due to climate change. Turkey’s sea snot has grown in size over the last six months and could pose a problem to fish and eventually humans, scientists have said. Its origins lie in phytoplankton that can grow out of control