Turkish lira falls in thin liquidity amid emerging-market losses

The Turkish lira slid amid a dearth of liquidity and in line with losses across emerging-market currencies.

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The dollar was trading 2% higher at 6.29 liras as of 9:50 a.m. in Istanbul. Monday’s move came amid low trading volumes, according to an Istanbul-based currency trader who declined to be named as the person is not authorised to speak to the media. The MSCI Emerging Markets Currency Index declined 0.4%.

The lira rallied almost 4% last week as Turkey’s central bank jacked up interest rates by 625 basis points to stem a 40% slide in the exchange rate this year that is stoking runaway inflation.

� L.P