Turkish lira hits weakest level since currency crisis in 2018: report

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People look at foreign exchange rates in Ankara, Turkey, on August 10, 2018. Turkish President Recep Tayyip Erdogan called on Turks to support their struggling currency, the lira, by exchanging any foreign money, saying Turkey faces an economic war. / AFP PHOTO / ADEM ALTAN

Turkey’s lira on Tuesday weakened nearly 0.4 percent over concerns about the impact of the coronavirus, hitting its weakest level since September 2018, at the height of a currency crisis, Reuters reported.

The lira stood at 6.4540 against the dollar at 0902 GMT, some 0.4 percent weaker than a close of 6.4300 on Monday. The lira has lost nearly 8.5 percent of its value against the US currency this year.

Confirmed coronavirus cases in Turkey rose to 47 on Monday, while the government has taken measures to prevent its spread since the first case was identified on Wednesday.

Turkey is dependent on imports to meet its energy needs, and the recent drop in oil prices have supported the lira.

The yield on the benchmark 10-year bond rose to 12.57 percent on Monday from 11.98 percent on Friday. There were no transactions on Tuesday.

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