December 3, 2021, 13:27

    Turkish lira at new depths after Erdogan defends policy

    Turkish lira at new depths after Erdogan defends policy

    ISTANBUL, Nov 23 (Reuters) – Turkey's lira tumbled more than 1% to a fresh record low against the dollar on Tuesday after President Tayyip Erdogan defended recent sharp rate cuts and vowed to succeed in his "economic war of independence".

    The lira weakened as far as 11.57 to the U.S. currency and was at 11.52 at 0626 GMT, having logged record lows for a tenth straight session on Monday to close at 11.4000. The unit has lost more than a third of its value this year.

    Register now for FREE unlimited access to reuters.comRegisterReporting by Daren Butler; Editing by Jonathan Spicer


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