Turkish Lira hits new historical low against US Dollar three days in row

Ankara, The Turkish currency slipped to a new all-time low of around 10 liras for one US dollar on Friday, reaching historic minimum three days in a row, according to the trading data.

The Turkish currency has been on the decline since Wednesday after US inflation was reported to have surged to its highest rate in decades.

As of 18:52 GMT, the lira was trading at 9.99 per US dollar after reaching 10 a few minutes earlier.

Since Monday, the Turkish lira has shed more than 3% of its value.

The lira began to plummet in mid-October amid news of the dismissal of the central bank’s three high-ranking officials. All three voted against reducing the discount rate at a meeting of the central bank’s monetary policy committee in September. Turkish President Recep Tayyip Erdogan is in favor of lowering the rate, arguing that the increase in inflation is due to high interest rates.

(EW Correspondent)