Turkish Lira weakens to record low on dollar strength
ISTANBULThe Turkish Lira slipped to a historic low against the U.S. dollar as anticipation of a rate hike from the Federal Reserve saw the American currency appreciate across the globe on Oct. 28
Analysts also link the negative trend to escalating political concerns, as hostilities in Syria and Iraq increase.
The lira dipped to 3.1270 against the U.S. dollar at 08.30 GMT.
The currency of the world’s largest economy has recently strengthened considerably with the U.S. dollar index, which measures strength of six major currencies against the dollar, hitting a high of 98.50 points in the last eight months, Turkey’s state-run Anadolu Agency reported.
The dollar, which is particularly influential for emerging economies like Turkey that often borrow in the U.S. currency, is up over 3.5 percent for October and on course for its best month since January 2015, according to data compiled by Reuters.