The Turkish currency has declined against the US dollar, reaching a historic low in trading on Tuesday, surpassing the level of 28.5 lira to the dollar. As of 17:05 Moscow time, the dollar's exchange rate rose by 0.23% to 28.5005 lira, according to Bloomberg data. The Turkish lira is under pressure due to rising inflation rates in the country, and on October 26, the Central Bank of Turkey announced an interest rate increase of 500 basis points from 30% to 35% annually to support the lira.
Turkish Lira Hits New Low
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