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Turkey's lira plummets to record low as emerging markets retreat
January 24, 2014 / 4:17 PM / 4 years ago

Turkey's lira plummets to record low as emerging markets retreat

ISTANBUL, Jan 24 (Reuters) - Turkey’s lira touched a record low against the dollar on Friday, amid a sell-off in emerging markets, just a day after the central bank intervened in the forex market to halt its slide.

Turkey’s lira slid as far as 2.3360 against the dollar, from 2.3050 late on Thursday. By 1545 GMT, it was at 2.3275.

The lira has fallen 10 percent against the dollar over the past month, pulled down by a corruption scandal and by the winding down of U.S. monetary stimulus. Investors had been crying out for a rate hike to defend it.

With no trades recorded in the afternoon, the yield on the 10-year benchmark bond rose to 10.44 percent from 10.37 percent a day earlier.

The main Istanbul stock index closed down 1.53 percent at 64,427.52 points, in line with the main global emerging market index. (Reporting by Dasha Afanasieva; Editing by Larry King)

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