Turkish Lira drops to record low against the US Dollars and British Pounds

The Turkish Lira has continued to drop in value against foreign major currencies trading around 4.58 TL to the US Dollars, 5.40 to the Euros and 6.14 to the British Pounds in the interbank market on Tuesday morning.

As at on Monday evening, the Dollars rose to a record 4.5995 against the Turkish Lira, an all time highest.

Meanwhile, the Euro sold for around 5.40 TL on Tuesday after exceeding the 5.4115 mark on Monday.

The Pounds also sold for 6.14 on Monday, a new high.

The lira has devalued by 17 percent to date, making it one of the worst-performing emerging market currencies.

This is driven by a global environment that is continuing to deteriorate, characterized by higher U.S. Treasury yields and a stronger dollar,” said İnan Demir, senior emerging economist at Nomura International, Reuters reported on May 21.