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29/03/2018 07:50 AST
Turkey's lira weakened beyond the psychologically important level of 4.0 to the US dollar yesterday, bringing it close to a record low, as concerns about double-digit inflation, and politics, continued to weigh on sentiment.
The lira has fallen 5% against the dollar so far this year - making it the fourth-worst performer among 26 emerging market currencies.
Investors have been distressed by what they see as the central bank's inability to tackle inflation head-on.
"It seems a gradual deterioration story: the geopolitics story has not materially improved," said Phoenix Kalen, a strategist at Societe Generale. "The central bank has been massively behind the curve with respect to addressing the inflationary pressures.
So in an environment where there is still the risk of rising core rates, that always places Turkey in the most vulnerable position among emerging markets."
The lira briefly touched 4.0150, not far off the record low of 4.0375 touched last week. It was at 4.0060 at 1335 GMT.
Inflation was at 10.26% in February after hitting 12.98 at the end of last year, the highest in more than a decade.
The central bank has refrained from lifting its benchmark policy rate, using other tools to tighten liquidity. Investors are looking ahead to March inflation data, due to be released next week.
Gulf Times
| Ticker | Price | Volume |
|---|
| US Dollar | 1.00 |
| Euro | 0.88 |
| British Pound | 0.77 |
| Japanese Yen | 113.21 |
| Saudi Riyal | 3.75 |
| Kuwaiti Dinar | 0.30 |
| Derham Emirati | 3.67 |
| Bahraini Dinar | 0.38 |
| Omani Riyal | 0.39 |
| Qatari Riyal | 3.67 |
04/03/2025
The dollar fell to a three-month low on Tuesday as concerns about slowing growth and the impact from tariffs on the US economy outweighed any potential boost from the ramping up of levies on Canada,
Asharq Al Awsat
05/04/2018
Oman has the means to maintain its currency peg and has no plans to change it even though the decline in oil prices has hurt its finances, central bank Governor Tahir Al Amri said.
Oman's g
Gulf News
02/04/2018
China's yuan firmed against the dollar on Friday and is set to post its biggest quarterly gain in a decade, as the country attracts capital inflows and US trade frictions bolstered expectations of a
Gulf News
01/04/2018
The US dollar's share of currency reserves reported to the International Monetary Fund declined in the final quarter of 2017 to a four-year low, as other currencies' shares of reserves grew, data rel
Gulf News
29/03/2018
The US Dollar Index, a measure of the value of the US dollar against a basket of currencies, teetered and dropped to quarterly lows in March, which also happen to be the lowest the index has been sin
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