The Turkish Lira fell to a record low against the U.S. dollar in European deals on Monday, amid caution ahead of the Federal Reserve’s monetary policy decision this week and on uncertainty over upcoming parliamentary election on November 1.
The Fed’s decision to raise interest rates this year are mounting pressure on emerging markets, as it trigger huge outflows by foreign investors.
Turkey is heading towards a parliamentary election on November 1, after June elections delivered a hung parliament.
The Lira lost 0.9 percent to hit a record low of 3.0693 against the greenback, from last week’s closing value of 3.0407.
The material has been provided by InstaForex Company – www.instaforex.com