USD/TRY: Lira hits yet another record low

The Turkish Lira remains heavily sold-off against the American dollar, plummeting to fresh historical lows of 3.8967 last hour, before recovering some ground to now trade around 3.8400 levels, still recording a 1.30% loss on the day.

The Turkish currency remains under pressure and accelerated its downward momentum after Moody’s ratings agency issued warning over a spike in the volume of non-performing loans held by Turkish banks on account of deterioration in the country’s economic situation, in wake of rising security risks. Meanwhile, markets ignored yesterday’s Turkish central bank’s action to stem Lira’s fall.