Turkish lira close to record low again

The Turkish currency lost more than 1.5% in value against the US dollar, moving close to another record low, Report informs, citing the data from trading.

The currency trading on Wednesday morning started from 14.38 liras per US dollar, then reached 14.6 liras.

The Turkish lira rate dropped by more that 5% on Monday, hitting a new historical minimum, after which the Central Bank of Turkey carried out the subsequent currency interventions that consolidated lira. Experts link the decline in national currency to the anticipated December 16 reduction in the discount rate. Moreover, on Monday, the international rating agency S&P Global Ratings (S&P) downgraded the forecast for Turkey's long-term sovereign credit rating in foreign currency from B+ to negative.

The Turkish lira had lost almost 50% since earlier this year when it traded at 7.4 per dollar.