The Turkish lira weakened more than 2% to a fresh record low against the dollar over market concerns that the central bank might raise interest rates this week by less than previously expected.
The lira hit a record low of 26.9 against the U.S. currency, sliding from Monday's close of 26.3505. It has weakened 30% so far this year. Central Bank of Türkiye will announce the next interest rate decision on July 20. Analysts believe that TCB will raise the discount rate by 5 percentage points from 15% to 20%.
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