Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Lira Eclipses Real as Biggest Emerging-Markets Loser of 2020

Published 11/03/2020, 06:41 PM
Updated 11/03/2020, 08:45 PM
© Reuters.

© Reuters.

(Bloomberg) -- The Turkish lira weakened for a ninth day, overtaking Brazil’s real as the worst performer in emerging markets this year.

The currency dropped as much as 0.7% to 8.4843 per dollar Tuesday even as most of its peers advanced. The decline brought its loss this year to almost 30%.

The lira’s nosedive has accelerated since the Turkish central bank last month defied expectations by keeping its key one-week repo rate on hold while continuing to enact stealth measures to raise the cost of borrowing.

The prospect of a Joe Biden victory in the U.S. election is additionally rattling lira traders already concerned over Turkey’s widening current-account deficit, dwindling foreign reserves, geopolitical tensions and rising Covid-19 infections. Biden is seen as likely to take a harder stance against the Turkish government than President Donald Trump over the country’s purchase of a Russian missile-defense system.

©2020 Bloomberg L.P.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.