United Arab Emirates

Turkish lira hits record low of 9.74 in initial trade

The Turkish lira weakened more than 1 percent to a record low of 9.74 against the dollar in early Asia trade after President Tayyip Erdogan said on Saturday he had order the expulsion of the ambassadors of the US and nine other Western countries.

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The lira edged back to 9.72 by 1807 GMT from Friday’s close of 9.5950. It had already hit record lows last week after the central bank cut its policy rate by 200 basis points, despite rising inflation, in a shock move derided as reckless by economists and opposition lawmakers.

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