Turkish lira at new low
January 07, 2014 - 8:41:00 am
ANKARA: The Turkish lira plunged to a new low against the dollar yesterday, as a high-level corruption scandal continued to hurt investor confidence.
The lira fell to 2.1947 to the dollar in the morning before recovering back to 2.1764 at yesterday’s close. The Istanbul stock exchange rallied 3.11 percent to reach 68,002.00 points.
The latest pressure against the Turkish currency arises from political tensions over a corruption and bribery investigation which has shaken Prime Minister Recep Tayyip Erdogan’s pro-business government.
Turkey’s central bank, statutorily independent, is trying to prop up the lira by selling dollars from its reserves.