Turkish lira hits record low of 10 against US dollar

Turkey’s lira weakened to an all-time low of 10 against the dollar on Friday, breaching the key psychological threshold on investor worries about monetary policy after the central bank began cutting interest rates in September.

The lira, which has weakened by more than a quarter so far this year, touched a low of 10 against the U.S. currency, weakening from a close of 9.92 on Thursday.

The lira, the worst performer in emerging markets again this year, has shed two-thirds of its value in five years, eating into the incomes of Turks along with double-digit inflation.

Source: Reuters