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Lira drops 3% near record low as Turkey stumbles into unknown

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Reuters

ISTANBUL (Reuters) – Turkey’s lira tumbled anew on Wednesday towards a record low, gripped by worries over soaring inflation and other economic fallout, after a 15% crash a day earlier that was driven by President Tayyip Erdogan’s defence of recent rate cuts. The lira weakened as far as 13.1500 against the dollar before edging back to 13.05 by 0703 GMT. On Tuesday it touched an all-time low of 13.45. The currency has hit record lows in 11 consecutive sessions, bringing its losses since the start of the year to 43%, with a near 24% decline since the beginning of last week. Despite Erdogan defen…

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