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Lira Plunges Ninth Day as Turkish Banks Cut Down US Dollar Sales
Turkey’s lira tumbled for a ninth day, hitting a new low for the year, as state lenders reduced the amount of dollar sales to prop up the currency. State-owned banks sold more than $1 billion to support the currency over the past two days, but the pace of interventions slowed on Tuesday, according to traders who asked not to be identified because they’re not authorized to speak publicly. Lira weakened as much as 2.1% to 15.8838, the weakest level since December. The currency has retreated 16% this year, the worst performer in the world except Sri Lanka’s rupee and Ghana’s cedi. The lira has come under ... (full story)