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Market Update: Turkish Lira Hits All-time Low
The lira lost further ground on Friday, hitting a fresh record low of 8.79 per USD as investors grew concerned about a premature easing amid President Recep Tayyip Erdogan’s persistent calls for lower interest rates to support the economy. Also, strained US-Turkey relations weighed on the currency, as Erdogan reiterated last week the country’s stance on the S-400 missile-defence system it purchased from Russia. [/s2If]
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