As Turkey Elections Near, Lira Continues Decline
Tugce Ozsoy and Constantine Courcoulas | 24-08-2015, 08:09 AM | Turkey |
The lira extended its slump and stocks dropped as a rout in emerging markets deepened, adding to pressure on Turkish assets as the country heads for its second parliamentary election in six months.
The lira depreciated as much as 2.3 per cent to 2.9865 per dollar on 24 August, before trimming its drop to trade at 2.9521 per dollar at 9:54 a.m. in Istanbul. The currency is the third- worst performing in emerging markets this year with a 21 per cent retreat. The Borsa Istanbul 100 Index of stocks fell 2.1 per cent, and was heading for a bear market.
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