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Turkish lira weakens to record

13 October 2016 11:49 (UTC +04:00)

Baku – APA-Economics. Turkey’s lira depreciated to an all-time low as deteriorating economic data added to concerns about the nation’s outlook amid rising expectations that the Federal Reserve will boost U.S. interest rates, Bloomberg reported.

The nation’s stocks and bonds also fell.

The currency lost 0.8 percent to 3.1112 per dollar at 11:24 a.m. in Istanbul, extending its decline this year to 6.2 percent. The previous record was 3.0973, reached in the aftermath of the unsuccessful July 15 coup. The Borsa Istanbul 100 Index was headed for the longest losing streak in three months and the yield on the government’s 10-year bonds exceeded 10 percent for the first time since July.