The Turkish lira fell against the dollar, the euro and the British pound today, Monday, in light of concerns over Turkey’s increasing interference in the rapidly escalating conflict in the Caucasus, despite the sudden interest rate hike last week to support the currency.
The Turkish lira fell 1.6 percent and was on a path leading to its worst day since early August, when the latest selling wave began to hurt the currency, which lost half its value in less than three years.
The sell-off erased a rally reached late last week when Turkey’s central bank unexpectedly raised interest rates by 200 basis points to 10.25 percent.
But analysts welcomed the axis of monetary policy said that the currency came under new pressure after a heavy exchange of fire between Armenia and Azerbaijan in the worst clash between them since 2016. Turkey said it supports Azerbaijan.
The currency was 9.0780 against the euro and 10.0557 against the pound.
The lira also took a hit from the strengthening of the dollar, and traded near a record low against the US currency at 7.7940.
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