Turkey's lira plummeted more than 7% to record lows Wednesday in a second massive sell-off since President Recep Tayyip Erdogan was re-elected last month.
ANKARA (Reuters) - Turkey's lira plunged 7% to a record low on Wednesday in its biggest daily selloff since a historic 2021 crash, as the newly-elected government appeared to loosen stabilising measures in its pivot to more orthodox policies. | 03:47am
Türkiye’s lira plunged 7% to a record low on Wednesday in its biggest daily selloff since a historic 2021 crash, as the newly-elected government appeared to loosen stabilising measures in its pivot to more orthodox policies. The lira has come under pressure since President Recep Tayyip Erdogan was re-elected on May 28. It stood at 22.98 against the dollar at 0735 GMT. Earlier it touched a record low of 23.16, bringing its losses this year to more than 19%.