Turkish Lira Falls Ahead of Central Bank Decision

The Turkish lira has weakened more than 2 per cent against the U.S. dollar ahead of a key rate decision by the country's central bank on Thursday.

The lira stood at 26.96 against the dollar at 4 p.m. on Tuesday evening after falling to a record low of 27, reports Xinhua news agency.

The currency has lost about 30 per cent of its value against the greenback this year.

Lira's depreciation came as the central bank is due to make a decision on its key interest rate on Thursday.

In June, the bank hiked the interest rates by 15 per cent, the first increase in 27 months, under the central bank's new governor Hafize Gaye Erkan.

President Recep Tayyip Erdogan, a staunch supporter of low rates policy despite soaring inflation, accepted the set of steps taken by his new team to address the economic crisis in the country.