Economy 1 MIN READ

Turkish lira extends slide to near 15.5 vs dollar

May 13, 2022By 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)

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