The currency has been ranked the worst-performing in emerging markets for several consecutive weeks.
Turkey's beleaguered currency breached 6.24 against the dollar in Thursday trade, its lowest level in eight months amid deep market uncertainty worsened by the recent announcement of new elections for the city of Istanbul.
div > div.group > p:first-child"> The lira was trading at 6.225 to the dollar at around 1:00 p.m. Istanbul time. It trimmed some losses after the central bank announced it was suspending one-week repo auctions — which essentially inject cash into banking system — in a bid to shore up the currency. Analysts have attributed some of the pressure to concerns over U.S.-China trade talks, but the lira has now been on a downward spiral for more than a year.
Increasing investor flight from Turkey over the past several months has been triggered by what many have described as a market too vulnerable to political intervention and suffering from weak foreign currency reserves, a wide current account deficit and rising tensions with the U.S. Turkey's central bank, under pressure from the government, has been reluctant to raise interest rates despite the official rate of inflation at more than 19%.
AKP alleged vote count irregularities, a claim the opposition Republican People's Party rejected. The CHP says it expects its mayoral candidate Ekrem Imamoglu to win again and accused Turkey's election board of"destroying laws, the judiciary and justice."
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