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)) 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.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.