Turkish lira falls out of favour with local investors again
Al Jazeera
The lira fell as much as 1.1 percent to a fresh all-time low of 9.1883 per dollar on Thursday.
The Turkish lira is falling out of favor with local investors again and it risks compounding a depreciation that’s dragged the currency to successive record lows over the past month.
Residents bought a net $1.7 billion of foreign currency in the week ending Oct. 8, according to the latest central bank data, snapping a three-week run of sales — the biggest in half a year — that had helped take the edge off the rout.
With the prospect of another interest-rate cut looming large after the ouster of three key policy makers on Wednesday night, the fear now is that households and companies will switch back into dollars and euros en masse. The lira fell as much as 1.1% to a fresh all-time low of 9.1883 per dollar on Thursday.
