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Turkish lira extends slide to near 15.5 vs dollar
By Reuters
ISTANBUL, May 13 (Reuters) – The Turkish lira dipped for the seventh consecutive session against the dollar on Friday, bringing its losses to nearly 5% since last Wednesday and heading towards the record lows hit last December.
The lira TRYTOM=D3 weakened as far as 15.4675 against the U.S. currency and stood at 15.4410 at 0707 GMT. It has lost some 15% of its value this year, on top of a 44% slide in 2021.
The slump has left traders predicting that authorities are targeting a new level – as weak as 15.5 to the dollar – in a months-long effort to stabilise the exchange rate using its depleted reserves together with other measures. nL5N2X4330
(Reporting by Daren Butler; Editing by Jonathan Spicer)
((daren.butler@tr.com; +90-212-350 7053; Reuters Messaging: daren.butler.thomsonreuters.com@reuters.net))
This article originally appeared on reuters.com