Turkish Lira Hits Record Low

The Turkish national currency has been continuously plunging, with the lira dropping by 3% today to reach a record low, while the dollar has surpassed 24 liras for the first time.

The Turkish lira fell to its all-time lowest level following a less-than-expected interest rate hike on Thursday.

As of 14:35 in Istanbul, the currency had declined by 2.6%, reaching 24.20 dollars. The Central Bank of Turkey raised its key weekly repo rate by 650 basis points to 15%, which is below the average forecast, which, according to a Bloomberg survey, has increased to 20%.