USD/TRY: Turkish Lira hits fresh record low

Lira's slide continues on Turkey's economic concerns and geopolitical tensions.
Washington expressed concerns about Turkey's plan to use the Russian defense system.

Omkar Godbole FXStreet Contributor

Turkish lira (TRY) has declined to a record low of 7.8856 per US dollar amid tensions with Washington.

On Wednesday, the US warned that it was "deeply concerned" due to reports Turkey is planning to test a Russian S-400 air defense system purchased from Moscow.

Washington's comments have accelerated the sell-off in the lira. Over the past couple of months, the currency has been offered on fears of a full-blown balance of payment crisis in Turkey.

The lira fell by over 1% on Wednesday and is now down a staggering 32.48% on a year-to-date basis.

The 2020 loss is already the biggest annual decline since at least 2012.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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