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Turkish lira nears record lows as emerging markets struggle

Turkish stocks slid and the lira hit a six-month low against major currencies Thursday as higher-than-expected US inflation data weighed on emerging markets.
OZAN KOSE/AFP via Getty Images

ISTANBUL – A rolling decline in Turkey’s lira accelerated Thursday as the currency slid to a six-month low after US inflation data put pressure on most emerging markets.

The lira fell about 0.8% Thursday, briefly surpassing 8.5 to the dollar, just shy of its 8.58 record low in November. The news weighed on Turkish markets, which were closed for the Muslim holiday of Eid al-Fitr, and Turkish stocks appeared headed for their worst day since late March due to an offshore selloff.

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