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Inflation rises in Turkey as lira falls for ninth consecutive day

Turkey’s lira hit new lows Tuesday, becoming the worst-performing emerging market currency of the year following a rise in inflation last month.
A currency exchange office worker works at an exchange office in Istanbul, on August 6, 2020 as Turkey's lira set a new record low against the US dollar. - Turkey's lira was trading at 8.03 against the dollar at around 0730 GMT, suffering a loss of nearly one percent since the beginning of the day. The Turkish currency also recorded its lowest level against the euro, trading near 9.52. (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images)

ISTANBUL — The Turkish lira continued a downward slide against major currencies for a ninth consecutive day Tuesday, passing Brazil’s real to become the year’s worst performing emerging market currency.

Down about 30% since the start of 2020, the lira was trading at record lows of about 8.53 per dollar and nearly 10 per euro at 5 p.m. in Istanbul Tuesday. The currency’s ongoing devaluation comes amid inflation concerns, recessionary pressures spurred by the COVID-19 pandemic and possible impacts of the US presidential election.

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