The Turkish lira slid amid a dearth of liquidity plus line with losses across emerging-market currencies.
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The dollar was trading 2% higher at 6.29 liras as of 9:50 a.m. in Istanbul. Monday’s move came amid low trading volumes, reported by an Istanbul-based currency trader who declined being named for the reason that individual is not authorised to speak with the media. The MSCI Emerging Markets Currency Index declined 0.4%.
The lira rallied almost 4% a couple weeks ago as Turkey’s central bank jacked up interest levels by 625 basis points to stem a 40% slide inside the exchange rate at the moment that is stoking runaway inflation.
? 2018 Bloomberg L.P