BREAKING: Turkish lira hit another record low

4:38 PM October 26, 2020

For the first time in history Turkey's lira fell to a fresh record low past of 8.0880 per USD after President Erdoğan challenged the US to impose economic sanctions after Turkey confirmed on Friday it had been testing the S-400 air defense systems that it bought from Russia. "Whatever your sanctions are, don't hesitate to apply them," Erdoğan said in a speech on Sunday. “You told us to send back the S-400s. We are not a tribal state, we are Turkey.” Also disagreement between Turkey and Greece over maritime rights, ongoing conflict in Nagorno-Karabakh and President Erdogan's personal criticism towards France's President Emmanuel Macron about his views on Islam during the weekend weighed on market sentiment. The lira has lost more than 30% since the start of the year.

USDTRY - Turkish lira weakened significantly during today's session and hit an all-time low of 8.0886 on geopolitical tensions. Source: xStation5


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