ISTANBUL: The Turkish lira extended losses against the dollar on Friday after President Tayyip Erdogan said that interest rates need to be brought lower again, reviving investor concerns about the central bank’s ability to rein in double-digit inflation.
The lira weakened as far as 4.3080 against the dollar after his comments from a close of 4.2374 on Thursday. On Wednesday it had hit a record low of 4.3780 before rebounding strongly the following day.
Source: Brecorder
