Turkey’s lira on track for its worst month this year | Al Jazeera

The Turkish lira extended losses to a fifth day, set for its worst month this year, as traders speculated official efforts to shore up the currency aren’t sufficient.

The currency dropped 0.8% to 8.2560 per dollar as of 11:41 a.m. in Istanbul, bringing its retreat this year to 28%.

Disappointment that the central bank didn’t enact an interest-rate increase last Thursday has sent the lira to record lows every day this week. Rising Covid-19 infections, uncertainty over the U.S. election and stimulus, and mounting tensions with Europe have merely added to the negative backdrop.