Turkish lira hits record low near 9.3 against dollar

The Turkish lira weakened to a record low near 9.3 against the dollar in early trade on Monday as investors remained uneasy about the direction of monetary policy following the dismissal of three central bank policymakers last week.

Report informs, citing foreign media, that the lira touched an all-time low of 9.2950 against the US currency before edging back to 9.2825 by 0614 GMT, weaker than Friday's close of 9.27. It has weakened 20% so far this year.

Last month, the central bank unexpectedly cut the policy rate by 100 basis points. The bank's next policy-setting meeting is on Thursday, when another rate cut is seen as likely.