A sudden drop of the Turkish lira

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Bloomberg said that the Turkish lira fell again, amid liquidity scarcity and continued losses of emerging market currencies.
The decline came suddenly after days in which the Turkish currency remained stable.

According to the source, the pound fell against the dollar, where the US currency traded at 6.2962 pounds, at around 10 am on Monday, pointing out that trading was weak today in Istanbul.

The MSCI Emerging Markets Index also fell by 0.4 percent.

The lira was up about 4 percent against the dollar during the previous week’s trading, but it is still down.

The lira has lost more than 40 percent of its value this year on concerns over Turkish President Recep Tayyip Erdogan’s grip on monetary policy, as well as the recent diplomatic dispute between Ankara and Washington.

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