Turkish lira falls to record lows against the dollar and the euro

TURKEY (OBSERVATORY) –┬áThe lira hit new record lows against the dollar and the euro on Tuesday, heading for its biggest one-day drop in five months as investors worried about inflation and monetary policy amid a wave of Russian ruble sales.

Against the US currency, the Turkish currency touched the all-time low of 4.1394 to the dollar, while it fell to a record low against the single European currency at 5.1166 lira to the euro.

The Turkish lira is one of the worst performing emerging market currencies since the beginning of this year and has fallen to record lows over the past four trading sessions.

On the Istanbul Stock Exchange, Turkey’s main index fell 2.5 percent to 110,330 points by 1420 GMT.