British Pounds surpassed 6TL as Dollars hit new high level against the Turkish Lira

The Turkish Lira has hit a new low after it's exchange rate against the British Pounds Sterling surpassed 6 Turkish Lira on Tuesday with the Dollars and Euros also gaining upper hand against the Lira.

In early trading on Tuesday, the  TL sold against the dollar at the interbank market as 4.4475 Liras, the highest level of all time with the dollar moving around 4.44 the whole time.

Also the Euro / TL  climbed to a record level with 5.2863 while the  British Pounds Sterling broke a record at 6.0141.

Analysts attribute the sharp devaluation of the currency to high levels of inflation and current account deficits, as well as rising oil prices, rising public spending before the upcoming elections, weakening economic data.