Turkish Lira Hits All-Time Low

The Turkish lira continued its decline, reaching an unprecedented low on Monday. The lira fell to a record low of 9.85 against the dollar after President Recep Tayyip Erdoğan stated over the weekend that he ordered the expulsion of the ambassadors of the United States and nine other Western countries. In the latest transactions, the lira was at 9.7150, fluctuating between 9.7225 and 9.7600 at 0402 GMT. Bankers attributed the drop in early trading to Erdoğan's remarks on Saturday. The lira, which has depreciated 24 percent since the beginning of the year, closed on Friday at 9.5950, according to Reuters.