The Turkish lira fell to record levels against the dollar, the euro and the British pound today, Monday, in light of fears of increasing Turkey’s intervention in the rapidly escalating conflict in the Caucasus, despite the sudden interest rate hike last week in order to support the currency.
The Turkish lira fell 1.6% 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 was erased by a rally achieved late last week when the Turkish central bank unexpectedly raised interest rates by 200 basis points to 10.25%.
But analysts who welcomed the monetary policy axis said that the currency came under new pressure after a heavy exchange of fire between Armenia and Azerbaijan in their worst clash since 2016.
Turkey said it supports Azerbaijan.
The currency was at 9.0780 per euro and 10.0557 against sterling by 1056 GMT.
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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