The Turkish lira weakened in early trade on Monday, adding to the recent decline and approaching an all-time low as relations with the United States deteriorates.
The currency, among the worst performing in emerging markets this year, touched 8.425 to the dollar, approaching its lowest level in 2021, after the Turkish central bank governor said that higher interest rate would negatively affect the currency.
The lira has fallen 3.5% through the week after US President Joe Biden will officially recognize the Ottoman Empire ethnic issues.
Since former President Donald Trump imposed sanctions on Turkey, due to the US priest crisis, which sparked the fallout of the lira in addition to an economic recession, Turkish assets have been sensitive to tensions with the United States.
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