USD/TRY: Lira slides for seven straight weeks as Turkey's FX reserves slide

Turkey's lira (TRY) has taken a beating over the past seven weeks, with the nation facing a balance of payment crisis, high inflation, and geopolitical tensions. 

The TRY fell by 1% to 7.93345 last week, the seven consecutive weekly decline. The currency is now down nearly 33% this year and has declined by 8% in the past seven weeks alone. 

"Turkey is burning through its foreign exchange reserves like a house on fire," Prof Steven Hanke, an Economist at the Johns Hopkins University in Baltimore, tweeted Sunday, adding that reserves have tanked by almost $10 billion to $41.12 billion since July.