November 14, 2019 / 4:59 AM / a month ago

Turkish lira slightly weaker after Erdogan-Trump meeting

ISTANBUL, Nov 14 (Reuters) - The Turkish lira weakened on Thursday after U.S. President Donald Trump pushed President Tayyip Erdogan to walk away from the purchase of a Russian missile defence system, calling it a “very serious challenge” to bilateral ties.

The lira stood at 5.7700 against the dollar at 0455 GMT, weakening some 0.4% from Wednesday’s close of 5.7450. The Turkish currency has weakened around 8% this year, mainly on concerns over deteriorating U.S. ties.

Trump described a meeting between the two leaders as “wonderful” but both leaders fell short of explaining in concrete terms how they would overcome the mounting differences they have on numerous issues.

The United States and Turkey have been at odds on several fronts in recent years, ranging from their differences on Syria policy and Turkey’s purchase of Russian S-400 missile defences, to the trial of U.S. local consulate workers in Ankara and the case against Turkey’s Halkbank in a New York court.

Turkey’s lira came under pressure earlier this year as Ankara faced U.S. sanctions due to its purchase of the Russian S-400s. It also weakened in October when Turkey launched an operation in northeast Syria against the Kurdish YPG militia, a U.S. partner, again raising the prospect of sanctions. (Reporting by Can Sezer; Editing by Daren Butler)

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