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.
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.
