Bulletin
Investor Alert

London Markets Open in:

Market Pulse Archives

May 7, 2020, 7:45 a.m. EDT

Turkey's lira touches record low against dollars as doubts grow about central bank's ability to stem coronavirus pain

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Turkish Lira/U.S. Dollar (TRYUSD)
  • X
    iShares MSCI Turkey ETF (TUR)

or Cancel Already have a watchlist? Log In

By Mark DeCambre

The Turkish lira hit its lowest level against the U.S. dollar on record, as investors bet that the economic pain from COVID-19 exerted on the emerging economy may be too severe for its central bank to ease. At last check, the Turkish lira /zigman2/quotes/210561870/realtime/sampled TRYUSD +0.1826% was off 0.8% against the dollar, changing hands at 7.2428. The currency has fallen 2.2% so far this week and 17.24% in the year to date against the greenback, FactSet data show. The currency breached a level in intraday action at 7.2362 that represents its lowest against the dollar since 2018, which had been its previous nadir. The country's finance minster, Berat Albayrak, son-in-law of the Turkish President Recep Tayyip Erdogan, has insisted that the country will rebound and rejected a report from the International Monetary Fund that it is likely to fall into a deep economic recession, the Financial Times reported , citing people familiar. The Wall Street Journal reported that Turkey entered the pandemic already in a weakened state, with high inflation and anemic growth. Meanwhile, the exchange-traded iShares MSCI Turkey ETF /zigman2/quotes/205815187/composite TUR -0.60% , which gives investors exposure to the country, was down 2.2% this week so far and 30.2% thus far in 2020, according to FactSet data.

/zigman2/quotes/210561870/realtime/sampled
US : Tullett Prebon
0.1374
+0.0003 +0.1826%
Volume: 0.0000
Aug. 10, 2020 1:29a
loading...
/zigman2/quotes/205815187/composite
US : U.S.: Nasdaq
$ 19.76
-0.12 -0.60%
Volume: 418,957
Aug. 7, 2020 4:00p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Investing

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.