Turkish lira falls in thin liquidity amid emerging-market losses

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Monday 17, September 2018

(Bloomberg)--The Turkish lira slid amid a dearth of liquidity and in line with losses across emerging-market currencies.

The dollar was trading two per cent higher at 6.2962 liras as of 9:50 a.m. in Istanbul. Monday’s move came amid low trading volumes, according to an Istanbul-based currency trader who declined to be named as the person is not authorized to speak to the media. The MSCI Emerging Markets Currency Index declined 0.4 per cent.

The lira rallied almost four per cent last week as Turkey’s central bank jacked up interest rates by 625 basis points to stem a 40 per cent slide in the exchange rate this year that is stoking runaway inflation.

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