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Turkish lira hits fresh low as Erdogan’s currency crisis echoes through stock markets
Turkey’s plunging currency is stoking anxieties on Wall Street and throughout global markets. On Sunday — early Monday in Asia — the Turkish lira put in fresh lows against the U.S. dollar, down more than 8% in Asian trading hours, after what had been a plodding descent in the first eight months of 2018 culminated in a death spiral Friday, wiping out some 14% of the currency’s value against greenback. Most recently, one dollar changed hands at 6.9890 lira USDTRY, +9.1342% , compared with 6.4275 lira late Friday in New York, a drop of 8.7%, according to FactSet data. At its lows late Sunday, Eastern time, one ... (full story)
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