Lira slides as Turkey-US relations deteriorate

The Turkish Lira fell 2.4% and stocks tumbled as much as much as 4.5% early on October 9 after the United States and Turkey cut back visa services, signalling a sharp deterioration in relations between the two NATO allies.

The Turkish currency was hit and stood at 3.7 against the dollar, rising from 3.6160 at the close on October 6. It was quoted as having touched a level of 3.9223 overnight.

The lira also plunged to historic lows against the euro, hitting 4.49 early on October 9 before recovering to 4.33 later.


*On Wednesday, the lira is 4.8 to UK£

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