World Economy

Turkish Lira at Record Low

Turkish Lira at Record LowTurkish Lira at Record Low

The Turkish lira hit a record low against the dollar, hit by political uncertainty and security concerns, and as investors digested US jobs data that kept alive expectations for a rate hike in the world’s largest economy, Yahoo reported. The lira began its latest weakening trend on Thursday after August inflation data came out higher than expected, with annual consumer price inflation rising 7% on high food prices. However, the political pressures generated by a snap parliamentary election on Nov. 1 were expected to discourage the Turkish Central Bank from raising rates in response.