Turkish lira plunges the most since 2021 meltdown

The Turkish lira plunged the most since a rout late last year.

Already the worst performer in emerging markets this year, the lira on Tuesday is on track for the world’s biggest decline against the dollar, slipping as much as 1.5% to the weakest level in five months. Little relief is in sight, especially as energy costs spiral higher for Turkey.

“Pressure on the lira is mounting,” said Per Hammarlund, chief emerging markets strategist at SEB AB in Stockholm.

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