Turkey's lira slips to fresh record low

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, Feb 6 (Reuters) - Turkey's lira hit a fresh record low of 18.85 against the dollar in early trade on Monday as a strong greenback and geopolitical risks weighed on the currency. Emerging market currencies had come under broad pressure after the dollar rallied sharply on Friday in the wake of a strong U.S. jobs report, suggesting the Federal Reserve could stay hawkish for longer. Indications that the United States would push for a harder line on sanctions enforcement also added to the pressure after Washington warned Ankara about the export to Russia of chemicals, microchips and other products that can be used in Moscow's war effort in Ukraine. Markets were also watching for the impact of a 7.8 magnitude earthquake in central Turkey and northwest Syria on Monday, which killed about 300 people and injuring hundreds as buildings collapsed across the region. By 0700 GMT, the lira had clawed back losses to trade flat.


Turkey's lira last hit a record low on Dec. 26 when it sank to 18.844 to the dollar. The currency has weakened nearly 1% since the start of the year. (Reporting by Karin Strohecker; Editing by Toby Chopra)

Messaging: karin.strohecker.reuters.com@reuters.net))
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