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Turkish lira slides 2% amid reserves concerns

Turkey’s currency slumped 2% against the dollar Wednesday as concerns linger over Central Bank policies and depleted reserves.
ISTANBUL, TURKEY - NOVEMBER 21:  Turkish Lira currency is seen on November 21, 2017 in Istanbul, Turkey. The Turkish Lira plunged to a record low of 3.978 against the dollar in early Tuesday trading. Concern's over deteriorating relations with the U.S. and the central bank continue to effect Turkish markets.  (Photo by Chris McGrath/Getty Images)

ISTANBUL – Following months of relative stability, Turkey’s currency is once again volatile as the lira fell 2% against the dollar Wednesday.

The Turkish lira was trading at 7.04 per dollar at 6 p.m. Istanbul time. The slump is likely linked to ongoing concerns over depleted reserves, which have been used to prop up the currency, along with rising foreign debt obligations.

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