Turkish lira falls at record low near 19 against dollar

Turkey’s lira weakened on Thursday to a new record low of 18.9620 against the dollar, as investors weigh the economic impact of massive earthquakes that hit the country last month.

Turkish lira has lost about 30 percent of its value against the dollar last year as a result of concerns about monetary policy and the aftermath of the war in Ukraine.

While, it has largely stabilised since August thanks to authorities’ intervention in the foreign exchange market, including a $9.4 billion drop in cash reserves since Turkey’s first earthquake in early February.